Servicing

The average rate for a 30-year Freddie Mac loan stayed at 3.55% for the week ending Sept. 13 as markets speculated on the possibility of further stimulus from the Federal Reserve.

The only subprime servicers growing their A- to D portfolios are firms specializing in high-touch mortgages that others are desperately trying to unload.

A federal indictment said 11 defendants participated in a fraudulent loan modification business that took advantage of homeowners who were having difficulty paying their monthly mortgage payments.

Inlanta Mortgage named Nicholas DelTorto, the founder and former CEO of Amerihome Mortgage, as its new president.

A total of 17,781 Illinois properties received a filing of default, auction or repossession in August, up 42% from a year earlier and the eighth straight monthly increase on an annual basis.

FHA residential servicers completed 27,150 short sales during the first nine months of fiscal year 2012, a 65% spike in such transactions.

The ultimate goal default management firms have when maintaining REO properties on behalf of servicers is to provide their clients’ nonperforming assets with the greatest amount of value so they can be sold for more money.

The Federal Housing Administration is bracing for a large spike in insurance claim payments now that servicers have adjusted to the requirements of the $25 billion robo-signing settlement with the nation’s attorneys general.

It takes an average of 56.3 months, or almost five years, from a missed payment to the liquidation of a mortgaged property in New York.

JPMorgan Chase recently dismissed 74 employees in Florida as the lender shuffles staff to accommodate demand for mortgage refinances.