Servicing

Congratulations, Mr. President. What's your position on bailing out the Federal Housing Administration fund?

The value of mortgage servicing rights remain at historically low levels, creating one of the best buyer's markets in the history of the business.

MetLife has been quietly trying to sell its servicing rights for nine months now.

It's the MSR sale of the century. And the century is still young.

Independent foreclosure reviews at the major banks were meant to compensate wronged homeowners and restore some faith in the integrity of mortgage servicing. Instead, the process has become mired in questions of objectivity.

I have been putting out National Mortgage News for more years than I care to admit to and this issue, the Nov. 5 edition, is the hardest I’ve ever had to get out.

One of its highlights was technology, data and analytics where revenue rose 11% to $192 million. Its EBITDA margin was 26.7%, up 460 basis points from last year.

The National Association of Independent Housing Professionals has formally asked the Consumer Financial Protection Bureau to grant an extension on the filing of mortgage call reports for those in the FEMA disaster areas.

Some potential investors wanted to pay cash for the REO pools and take title to the properties right away but FHFA nixed the idea.

Only Citi and JPMorgan face the highest surcharge, while Bank of America, Bank of New York Mellon, Goldman Sachs and Morgan Stanley must hold 1.5% in extra capital. Citi, JPM and B of A are top five players in mortgage banking.