Servicing

JPMorgan Chase reported strong mortgage results for the first quarter, noting that residential applications rose 33% from the year ago period with chairman and CEO Jamie Dimon declaring that housing is "very close" to a bottom.

It's no secret that nontraditional players have been gobbling up mortgage servicing rights on the cheap, shifting the power structure in a business that has rapidly seen its fortunes wane during the nation's housing depression.

Mortgage Technology is pleased to begin accepting nominations for the 2012 Top 50 Service Providers. The nomination form is available on MT’s website. The final deadline for nominations will be 6 p.m. EDT Friday, May 4, 2012.

Three banks suing MBIA Inc. accused the bond insurer of deliberately withholding damaging financial projections from insurance regulators who were evaluating its transformation.

The need for sensible subprime residential lending (hard money, call it what you may) has never been greater, but I would venture that less than $1 billion of these loans were originated last year, and maybe that's a generous estimate. I know of a few mortgage executives who have tried in vain to raise private equity money but with no luck.

Credit unions could be hurt by a proposal that would allow Fannie Mae and Freddie Mac to write down the principal on millions of underwater mortgages, industry leaders warned this week.

Like many controversies, mortgage lenders' use of force-placed home insurance arose from what was once a well established and unquestioned practice. For many years, homeowners who failed to maintain property insurance could count on their banks buying it for them and passing on the cost.

The government controlled Ally Financial Thursday morning filed an amended S-1 statement with the Securities and Exchange Commission, saying it hopes to sell $100 million worth of common stock to the general public.

Foreclosure filings fell in the first quarter to their lowest level since the end of 2007, according to new figures compiled by RealtyTrac, but the mortgage and housing industries shouldn't pop the champagne quite yet.

Although Edward DeMarco, the acting director of the Federal Housing Finance Agency, did not officially decide whether to allow Fannie Mae and Freddie Mac to pursue a broad principal forgiveness program, his remarks last Tuesday left little doubt he would ultimately reject such an approach.