Servicing

State and local governments aren't the only ruling bodies feeling the impact of the housing meltdown. So are homeowner associations, the "mini" governments that ride herd over hundreds of thousands of communities from coast to coast.

Interactive Mortgage Advisors, Denver, is auctioning off a $186 million bulk package of Government National Mortgage Association servicing rights.

More than 90% of the nearly 49,000 condominium units built in South Florida since the real estate boom began in 2003 have been sold. But that still leaves about 4,700 units to go.

Fannie Mae recently told its seller/servicers that all mortgage insurance rescissions, cancellations and claim denials tied to loans it bought must be reported to the agency immediately.

Even with the housing market stabilizing and a settlement between megaservicers and state AGs on the horizon, the mortgage industry shouldn't expect an increase in originations next year, according to a new forecast from Keefe, Bruyette & Woods.

An industry hedge fund that selectively trades distressed mortgage assets is testing the use of borrower rewards for timely payment, with the aim of driving better performance, refinancing or modifications.

The deadline to nominate industry professionals to serve on MISMO's residential governance committee is today.

Although insurance giant MetLife Inc. is contemplating bids for its banking and mortgage divisions, the company's warehouse lending unit is nearing the $1 billion mark in terms of commitments.

Perhaps the future for loan brokers isn't so bleak after all. Wholesale lenders table funded almost $33 billion of loans in the third quarter, giving the channel a 9.2% market share, according to new figures compiled by National Mortgage News and the Quarterly Data Report.

Just seven months ago, Democrats appeared to be boxed in, unable to confirm a leader to the Consumer Financial Protection Bureau without agreeing to demands from Senate Republicans to overhaul the agency's structure.