Servicing

Whole Loan Capital, LLC, New York, is in the market with a $4.8 billion 'flow' servicing deal that will be sourced through a handful of different lenders.

The Consumer Financial Protection Bureau poked its thumb in the eye of residential loan officers originating mortgages for depositories.

A delinquent loan currently takes approximately one year to become a foreclosure because of "extremely long" processing timelines, Sharga continued. Then, it takes anywhere from 500 to 700 days, depending upon whether the state is judicial or nonjudicial, for the foreclosure to become REO.

Delinquency rates in the fourth quarter of 2011 fell across all loan categories the trade group monitors, including credit cards, auto and home loans, the American Bankers Association reported.

Joseph Smith, the man responsible for ensuring that five of the nation's largest banks comply with the massive multi-state mortgage servicing settlement, has a stark message for the five banks involved: make sure your internal review teams are independent and thorough.

Edward DeMarco, acting director of the Federal Housing Finance Agency, said he is "deeply concerned" about underwater borrowers, but added that forbearance plans and short sales already serve as forms of principal reduction without saddling taxpayers with further losses.

Republicans on the House Financial Services Committee have made it clear they believe the new Consumer Financial Protection Bureau is already too big and needs to be cut down to size.

Cole Taylor Mortgage saw its revenues increase by 94% on a sequential basis in the first quarter while its mortgage servicing portfolio more than doubled in size, according to new figures released by the company.

Comptroller of the Currency Thomas Curry this week urged eligible borrowers to sign up for the OCC's foreclosure-review process, and suggested that homeowners who didn't like the results would still be able to sue their mortgage servicers later.

Ally Financial is continuing talks with Nationstar about the REIT buying Residential Capital Corp./GMAC through a 'prepackaged' bankruptcy transaction, according to investment bankers familiar with the companies.