Servicing

Wells Fargo is donating $1.2 million in real estate owned properties and $600,000 in cash to the nonprofit organization Rebuilding Together to help stabilize distressed housing markets.

Fitch Ratings has lowered the default rating from BBB+ to BBB for Washington Federal Savings, the savings and loan subsidiary of Washington Federal Inc.

Single-family originations by commercial banks and savings institutions jumped almost 17% in the third quarter from the prior period, but compared to a year ago production is down 23%, according to new figures released by the FDIC.

Moody's Investors Service has downgraded 16 private-label HECM reverse mortgage-backed securities from 12 deals in a move that affects $5 billion in bonds.

Awareness to the negative equity problem faced by millions of borrowers and their lenders continues to concern market insiders as they strive to come up with solutions that can help ease the setback. It is the goal of the new Home Affordable Refinance Program and some insurers whose products offer some degree of protection as an added incentive to homeowners interested in refinancing or taking on a new mortgage.

When a potential homebuyer is looking for a house, many variables are taken into account, but generally “location, location, location” are the top three. This becomes an especially important consideration if the family involved has children who will be attending public school.

Weak overall improvements in the delinquency and foreclosure rate during the third quarter point to weak near-future improvement expectations.

All of the 12 national banks under regulatory orders to correct their servicing and foreclosure procedures are making progress in that regard, according to an interim report released Tuesday by the Comptroller of the Currency.

Carrington Mortgage Services, Santa Ana, Calif., this week announced that it has hired Brad Nease as senior vice president in charge of capital markets.

Lennar Corp. is proposing to sell $300 million in debt, and possible uses of the proceeds include purchasing distressed portfolios of mortgage loans and foreclosed real estate.