Servicing

Since the start of the financial crisis in September 2008, mortgage companies and banks have foreclosed on roughly 3.3 million homes with no end in sight.

Wells Fargo is already contacting borrowers who might be eligible for a principal reduction as required under the $25 billion robo-signing settlement with state and federal law enforcement agencies.

Not only is PennyMac cranking up its correspondent lending platform, but the publicly traded REIT also plans to be an aggressive bottomfisher in the mortgage servicing rights arena.

The Prestwick Mortgage Group is offering investors a GSE 'flow' servicing arrangement that could be as large as $720 million per year in MSRs.

Richard Cordray, director of the Consumer Financial Protection Bureau, told a group of business journalists Friday that he is looking forward to being held accountable by them. Moments later, he was defending the agency's power.

An appellate court decision earlier this month would provide a new avenue for borrowers to file suit against mortgage servicers that deny permanent modifications under the Home Affordable Modification Program.

Last year's repeal of the final remaining vestige of Regulation Q, the prohibition of payment of interest on business demand deposits, at long last completed a pro-competitive process which began with the Monetary Control Act of 1980. The repeal was and is a good idea.

If it's springtime it's time for one of the things I anticipate the most in the mortgage calendar.

In case you haven't been paying close attention and reading the National Mortgage News website (and our paper weekly) the past year, there's a gargantuan shift underway in the mortgage industry. We correctly predicted that the servicing side of the business is 'deconsolidating.'

Collateral Intelligence has signed on with FICO to provide valuation and support for the credit risk provider’s analytic solution that predicts borrowers who are at risk of strategically defaulting on their mortgages.