Servicing

As we’ve reported before, private equity firms have been eyeing the mortgage market for the past two years – in particular MSRs. But here’s the catch: although there has been plenty of ‘talk,’ no household name PE firms (if there is such a thing) have taken the bait.

The Prestwick Mortgage Group is marketing a $58 million package of MSRs backed by mostly multifamily commercial mortgages held by private investors.

Orrstown Financial Services sold $28.6 million of nonperforming commercial loans to an unnamed outside investor.

An Oregon homeowner’s fight against Merscorp Holdings was revived after a state appellate court reversed a lower court’s decision to rule in favor of the owner of the Mortgage Electronic Registration Systems before the case went to trial.

The Federal Housing Administration will be selling 9,000 nonperforming single-family loans in September as part of its newly expanded note sale program.

U.S. Bancorp set record net earnings of $1.4 billion for the second quarter, up 18% from $1.2 billion in 2Q11.

Flagstar Bancorp reported that it earned $86 million in the second quarter compared with a loss of $74.9 million a year earlier.

PNC Financial Services said second-quarter profit declined 40% on costs tied to mortgage-putback demands.

Mortgage Technology will commend the lenders and servicers that use technology to improve processes, provide exceptional customer service and increase business with its annual list of the Top Tech-Savvy Lenders and Servicers. The deadline for all nominations is 6 p.m. EDT Thursday, August 16, 2012.

June statistics from the California Association of Realtors show home sales experienced solid gains annually and home prices reached their highest level since August 2010.