Servicing

It appears the residential finance sector is about to gain another new mortgage insurance company.

It’s no secret that the mortgage industry – after hearing from its customers – is clamoring for a HARP 3.0 refi solution for underwater loans that are not guaranteed by Fannie Mae and Freddie Mac. But how do we get there?

A representative for eWarehouseOne is trying to place roughly $70 million of applications with at least two other banks.

The Obama administration, which has proposed levying a tax on the largest banks as a way to pay for a broad mortgage refinancing plan, is now in talks with members of Congress about finding an alternative source of funding.

Out of 212 markets tracked by RealtyTrac’s metropolitan foreclosure market report, 114 had more foreclosures take place for the first three months of 2012 than the final quarter of last year.

MetLife Inc. said it will exit the reverse lending business selling the division to Nationstar Mortgage of Texas.

Three out of the four national title insurance underwriters reported improved results for the first quarter, with two of them—First American and Old Republic—turning year-ago losses into profits.

It appears that higher premiums are starting to have a profound effect on the FHA’s “streamline” refinancing program.

Residential Capital Corp./GMAC earned $217 million in the first quarter, but its residential originations plummeted by 53%, as the near-closing of its correspondent division weighed heavily.

Changes made to the Obama administration's flagship mortgage refinance program, HARP, have boosted profits at the nation's largest banks at the expense of homeowners and U.S. taxpayers, according to mortgage experts testifying at a Senate hearing this week.