Servicing

The federal government should create an entirely new secondary market agency for "high quality" private mortgages that would replace Fannie Mae and Freddie Mac, according to Sen. Johnny Isakson, R-Ga.

Barclays Capital has a cautious outlook for both residential and commercial mortgage credit, its researchers indicated in their global outlook report Thursday.

The Mortgage Bankers Association, in a new comment letter, strongly urges the government not to change the current GSE servicing compensation model, shooting down a FHFA proposal that would pay loan processors $10 per month for performing loans.

Thanks to a growing refinancing boom that gathered steam in the third quarter, small mortgage banking companies benefited as their profits per loan more than doubled during the period.

PHH Corp., Mt. Laurel, N.J. has priced an add-on offering of $100 million of debt, to replace the $250 million debt offering it cancelled on Dec. 2 due to market conditions.

MRN Cubed, a mortgage outsourcing and consulting firm and the parent company of e-mortgage technology vendor SigniaDocs, acquired default management workflow vendor DepotPoint.

Mortgage Guaranty Insurance Corp.'s delinquent loan inventory declined by over 4,000 loans between October and November, while the amount of primary new insurance written remained consistent for the third consecutive month.

The first phase of the HARP 2.0 program is now underway, and seller/servicers that control GSE MSRs appear to be in the best position when it comes to refinancing high LTV Fannie Mae and Freddie Mac loans.

Wells Fargo & Co. – as the industry is quite aware – is a dominant force in both residential production and servicing, but it continues to tower above all competitors in the GNMA MBS market.

The trend of U.S. credit cardholders putting credit card payments ahead of mortgage payments that began in early 2008 shows no sign of abating in the immediate future even as the economy gradually improves, TransUnion LLC analysts say.