Servicing

The watch list of servicers supervised by the Federal Reserve and The Office of the Comptroller of the Currency is not that long, but the number and types of requirements they need to abide to is and includes independent foreclosure reviews whose application deadline is ticking.

Michael Williams, the president and CEO of Fannie Mae, announced plans to step down as soon as a successor can be appointed, according to a company filing issued Tuesday to the Securities and Exchange Commission.

Insurance giant MetLife, Inc. Tuesday afternoon shocked the market, saying it would exit the business of producing new “forward” residential loans through its residential lending division, MetLife Home Loans.

PHH, the nation's largest private mortgage company, has been notified by the Consumer Financial Protection Bureau that it is the subject of an investigation into potentially improper reinsurance payments.

Servicers have restructured nearly half of all second mortgages sitting in their portfolios that are eligible for a HAMP second lien modification program known as 'MP2.'

PHH Corp., Mt. Laurel, N.J., is now looking to sell $150 million in debt to help pay off $250 million of debt that matures in April. Originally the company was looking to sell $250 million in debt back in December, but cancelled that offering.

Despite projections that national home prices will increase slightly in 2012, Clear Capital said figures are still going to be near levels not seen in over a decade.

Bank of America's share price climbed to just over $6.50 Tuesday, a sign that investors somewhere are bottom feeding on this once proud banking franchise, one that shot itself in the foot (or is it head?) when it bought Countrywide Financial Corp. in 2008.

Many mortgage industry observers believe the HARP 2.0 program will contribute greatly to loan origination volumes in 2012. The question for many originators is where do we find consumers who are eligible for the program under the expanded criteria?

Bank of America is gearing up to sell large chunks of its residential servicing portfolio on a regular basis as it continues to whittle down its presence in the mortgage market, according to servicing advisors and investors who have been briefed on the bank's plans.