Servicing

A Virginia businessman who participated in an elaborate fraud scheme that led to Bank of Commonwealth’s collapse has been sentenced to 14 years in federal prison.

Oklahoma has issued the first compensation checks to residents who lost their homes after lenders assured them their loans would be modified.

Lender Processing Services has reached a settlement with the Delaware attorney general related to the state’s investigation of robo-signing practices by the company’s subsidiary DocX.

Fannie Mae/Freddie Mac servicers refinanced 26,950 mortgages with loan-to-value ratios above 125% in August, compared to 26,650 in July.

Bank of America lost money on mortgage banking in the third quarter but only because of charges tied to its legacy business.

The Department of Justice is continuing to pursue Federal Housing Administration lenders for past underwriting sins in an effort to hold them accountable and produce sizable settlements to bail out the government’s mortgage insurance fund.

Nearly 76,000 homeowners received permanent, affordable loan modifications from mortgage servicers in August.

Citigroup CEO Vikram Pandit is out as CEO of the nation's fifth large mortgage lender.

The New Orleans Redevelopment Authority has directed the sale of 125 homes and development lots located throughout the city to be auctioned this month.

Mortgage Guaranty Insurance Corp.’s portfolio of delinquent mortgages declined by just over 1,500 loans during September.