Servicing

When word leaks out that your company is for sale top producers – the smart ones at least – start weighing their options. Readers of this column and the National Mortgage News website have been kept abreast of all the LOs walking out the door at Bank of America.

Nevada's attorney General Catherine Cortez Masto this week filed civil fraud charges against Lender Processing Services and two subsidiaries alleging the company engaged in a widespread fraud of forging foreclosure documents.

Fannie Mae is giving the mortgage servicing industry's handling of troubled government-backed loans a makeover. But it would rather do so in private.

Friday morning, the yield on the benchmark 10-year Treasury fell to lows not seen in the last couple of months, a sign that mortgage rates will stay low.

O2 Funding, Foothill Ranch, Calif., late this week closed its East Coast mortgage production operation, electing to concentrate on West coast lending, according to industry officials familiar with the matter.

Fannie Mae's latest multifamily DUS REMIC priced under its guaranteed multifamily structures program included some exceptionally large orders - and high demand for a yearend auction.

Many organizations are feeling the impact of a stagnant housing market. Homeowners associations (HOAs) are no exception, but the pain they experience is also felt by mortgage servicers and investors.

The vacant property ordinance imposed by the City of Chicago demonstrates a lack of vision of the larger foreclosure crisis picture.Under the ordinance backed by Mayor Rahm Emanuel, mortgage holders are required to pay a $500.00 vacant property registration fee either 30 days after a property becomes vacant or 60 days after the loan goes into default, whichever is later.

With Congress moving closer to raising the guarantee fee on Fannie Mae and Freddie Mac loans, a proposal to hike Ginnie Mae fees by an equal amount is being circulated on Capitol Hill, National Mortgage News has learned.

Of the 11 largest servicers evaluated through the Fannie Mae Servicer Total Achievement and Rewards program, only CitiMortgage, Everbank, GMAC Mortgage (Ally Bank) and Wells Fargo made a satisfactory grade in the third quarter.