Servicing

The top executives at Fannie Mae and Freddie Mac traveled to Capitol Hill on Wednesday to defend the payment of millions of dollars in deferred salary and bonuses to senior leadership at their firms.

Servicers that are part of the five-year old Hope Now alliance completed their 5 millionth loan modification in the third quarter.

As the number of REO and foreclosed properties continues to increase nationwide, servicers, financial institutions and brokers need to figure out a way to sell their assets more effectively.

CoreLogic's Homestandings tool, a grading report that helps real estate agents assess the overall purchase quality of a foreclosed property, is now available for Re/Max members who use its Mainstreet website.

Freddie Mac's HomeSteps, the real estate sales unit for its inventory of foreclosed homes, started a winter sales promotion offering closing-cost assistance to buyers and bonuses for selling agents.

Stonegate Mortgage Corp. recently relocated to a new Indianapolis headquarters, hired 45 of the 300 employees it wants to add in Central Indiana by 2015, and has other expansion plans underway outside the state.

Presidential candidate Newt Gingrich made between $1.6 million and $1.8 million in consulting fees from two contracts he had with Freddie Mac (prior to its federal takeover), according to a report from Bloomberg.

Residential application volume fell 10% on a seasonally adjusted basis for the week ending Nov. 11, as interest rates remained essentially flat compared to the previous week, according to new figures compiled by the Mortgage Bankers Association.

The Federal Home Loan Bank of Chicago is expanding its Mortgage Partnership Finance product line for Fannie Mae-eligible loans by offering a 'servicing released' option for the first time.

The House Financial Services Committee approved a bill Tuesday by a 52 to 4 vote that would limit executives' salaries at Fannie Mae and Freddie Mac and remove any extra "bonus" pay.