Servicing

There were more cures than new notices of default in February for the nation's private mortgage insurers, continuing a trend of recent years, according to data compiled from members of the Mortgage Insurance Cos. of America.

A pilot program can be devised to show principal reduction is a cost-effective way to keep underwater Fannie Mae and Freddie Mac borrowers in their homes and prevent strategic defaults, according to a new report by a research group.

A key piece of case law supporting defaulted borrowers' fight against Mortgage Electronic Registration Systems Inc. was vacated Wednesday, after a federal judge ruled that a New York-based bankruptcy judge overstepped his authority when he issued a scathing opinion of the private loan registry.

A New York-based real estate fund manager that currently handles more than $2 billion of assets has expanded its business operations by opening new offices in Fort Myers, Fla.

I occasionally get invitations to speak at mortgage industry events (in addition to chairing our own SourceMedia conferences). My reaction is always bifurcated. On the one hand I'm always flattered people think my outlook on the business is worth listening to. On the other hand I'm always worried I will say something exquisitely stupid.

Investors ramped up their purchases of single-family homes last year to a level not seen since 2007 -- and only half of those buyers financed the purchase. Almost half (49%) paid cash, according to a new report from the National Association of Realtors.

For the past three months, the nation's largest residential servicers have had a lock on refinancing high LTV and underwater loans in their GSE portfolios. In a nutshell the megabanks could manually underwrite loans they controlled under Dec. 1 revisions made to the Home Affordable Refinancing Program.

New York attorney general Eric Schneiderman's efforts to carve $15 million out of the state's $132 million national mortgage servicing settlement fund to provide foreclosure prevention assistance to New Yorkers came to fruition only a few days shy of the fund's expiration date.

Banc of Manhattan Capital, Woodland Hills, Calif., is taking bids on a $26 million pool of re-performing whole loans, servicing released.

The average interest rate for a 30-year fixed rate loan fell to 3.99% for the week ending March 29, compared to 4.08% the week prior, according to new figures compiled by Freddie Mac.