Servicing

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.

House and Senate appropriators approved more funds for a foreclosure mitigation program and included another short-term extension of the National Flood Insurance Program in a spending bill expected to pass this week.

Fannie Mae and Freddie Mac late Tuesday afternoon released a somewhat detailed bulletin on the underwriting guidelines for refinancing underwater borrowers with GSE loans, segmenting what's allowable based on the LTV and if the product is being offered by the current servicer.