Servicing

News that Wells Fargo and Bank of America failed to comply with the mortgage loan modification timeline processing requirements of the mortgage servicing standards mandated by the national mortgage settlement are bittersweet for New York Attorney General Eric Schneiderman.

Felony charges were filed against Robert Williams, an investor who pleaded guilty for his role in conspiracies to rig bids and commit mail fraud at foreclosure auctions.

A tax provision that spares underwater borrowers from being penalized when they agree to a short sale is due to expire at the end of this year.

Rep. Maxine Waters, the top Democrat on the House Financial Services Committee, is asking for an investigation into claims that Bank of America purposefully delayed borrowers from entering the Home Affordable Modification Program.

Major servicers still find it difficult to provide troubled borrowers with timely notice that more documents are needed to process a loan modification application.

ServiceLink has made available a multipurpose tool designed to ensure the mortgage loan data lenders and servicers report and record electronically is accurately transferred and in compliance with regulators.

Mortgage stocks go along for the ride as 13 of 17 Mortgage Industry Equity Composite listings close higher.

Values in the $900 billion non-agency market are slumping after soaring through early May as the Federal Reserve’s stimulus efforts drove investors to seek potentially higher returns and housing rebounded with the fastest gains in prices since 2006.

The owner of a California mortgage brokerage company was sentenced to three years in prison and ordered to pay more than $5.8 million in restitution for her role in a real estate-related wire fraud conspiracy.

These grants are expected to assist more than 1.6 million households in their efforts to find affordable housing, make more informed housing choices and avoid foreclosure.