Servicing

Starting in September Bank of America has agreed to use the Web portal of Hope Now, in a move the alliance sees as “a game changer.”

The latest legal cases and regulatory actions from around the nation.

The Department of Housing and Urban Development and its auction advisor, DebtX, have set an auction deadline of Sept. 12 for investors to submit sealed bids on $1.7 billion of nonperforming residential loans.

Bank of America’s alliance with Hope LoanPort may give a new boost to the number of modifications completed hereon.

Data on the loans municipalities are being advised to target show fewer underwater mortgages are defaulting and when borrowers stop paying, modifications increasingly include balance cuts.

Sylvan Road Capital will buy and renovate single-family housing units and convert them to rental properties in order to help stabilize communities and provide employment opportunities.

The Consumer Financial Protection Bureau's proposed new rules for mortgage servicing were written primarily for the largest players, but it is the small servicers that will have the hardest time absorbing the costs.

The average Freddie Mac rate for a 30-year mortgage climbed three basis points during the week ending Aug. 16 as the 10-year Treasury bond yield hit a high not seen since May.

Ocwen Financial hired industry veteran Jill Showell as its senior vice president for government and community relations.

The first baseline report detailing progress under the $25 billion servicing settlement will be issued by the end of the month, according to the independent monitor appointed to oversee the agreement between five major servicers and 49 states.