Servicing

Lenders and investors at this week’s secondary market conference in New York were interested in a question that’s been on target for at least the past three years: Where is the nonconforming secondary market? When will it show up again? When should mortgage packagers start their engines?

The Federal Reserve Bank of New York has sold the entirety of the TRIAXX CDO holdings from its Maiden Lane III portfolio to Merrill Lynch, Pierce, Fenner & Smith after a competitive bid process.

Many foreclosed properties sell at far lower prices because servicers and investors often fail to carry out repairs and take full advantage of insurance coverage when properties sustain insurable damages.

Specialty servicer Walter Investment Management Corp., Tampa, Fla., earned $5.1 million in the first quarter, a 46% jump from the same period a year ago as its servicing business threw off a large amount of cash flow.

Newcastle Investment Corp. is “very optimistic” it will participate in a big investment in mortgage servicing rights with other entities that its manager oversees.

A state appeals court affirmed a lower court ruling allowing NCUA to foreclose on 17 homes funded by the failed Michigan credit union Huron River Area FCU in two South Florida developments financed through a get-rich-quick scheme known as "Millionaire University."

The Consumer Financial Protection Bureau has hired Chris Peterson from the University of Utah, adding a formidable critic of mortgage securitization practices and payday lending to the young agency's staff.

The average primary market rate for a 30-year fixed-rate mortgage during the week ending May 10 set a new record low a basis point lower than the previous week’s at 3.83%.

Before implementing a mortgage tech strategy, lenders and servicers need to execute a hardware strategy.

New findings show foreclosure problems continue to plague the nation’s 100 largest metro areas.