Servicing

Servicing is rapidly deconsolidating as the top five no longer control more than half the market, while originations, which were consolidating after the crunch as tens of thousands left the mortgage broker business, have at least ceased consolidating.

The housing crisis is one of the longest lasting effects of the economic recession, with home foreclosures continuing to stain our economy. As more homes enter and remain in foreclosure, the servicer (whether on its own or on behalf of the investor) is responsible for maintaining these properties per local and state regulations. And mobile apps have added a new tool servicers can use in the field.

Three separate businesses each had a series of nonperforming loans that are classified as specially serviced assets recently downgraded by Fitch Ratings because future losses are expected on these loans.

Wilshire State Bank has been released from an enforcement order that required it to boost its capital ratios and reduce its level of problem loans.

Five states accounted for nearly half the total of foreclosures that occurred over the past year through April 2012, CoreLogic’s national foreclosure report revealed.

The Demand Institute predicts that average home prices will increase by up to 1% in the second half of 2012. By 2014, home prices are expected to rise by approximately 2.5%, and from 2015 to 2017, values are projected to go up between 3% and 4%.

The commercial mortgage-backed security delinquency rate reached an all-time high in May at 10.04%, up 24 basis points from the prior month.

Allied Irish Bank has signed HML to offer the U.K.’s first 48-hour "hot" standby servicing arrangement for the issuer's £437.6 million ($683 million) securitization of U.K. mortgage assets.

The long-term rate-indicative 10-year Treasury yield slipped below its previous 52-week low of 1.7% early Wednesday morning, signaling downward pressure on rates.

Several contract rates tracked by the Mortgage Bankers Association hit new lows during the week ending May 25, but seasonally adjusted overall application numbers inched downward in data unadjusted for early holiday closes the Friday before Memorial Day.