Servicing

Greenlight Financial Services, Irvine, Calif., Wednesday announced that it will enter the wholesale channel and hopes to fund its first loan some time early next year.

Lender Processing Services posted net earnings of $40.5 million in the third quarter, down 49% from a year ago as increased revenue from its technology and analytics unit couldn't compensate for higher costs in its loan transaction services unit.

Residential application volume increased 4.9% on a seasonally adjusted basis for the week ending October 21, as purchase loans recovered from a 15-year low, according to new figures compiled by the Mortgage Bankers Association.

FirstMerit Corp., Akron, Ohio, reported third-quarter earnings of $31.7 million, up about 9% year over year, thanks to increased commercial lending activity and fewer problem assets.

The nearly 900,000 borrowers who already refinanced through the HARP program will not get another chance to lower their mortgage rates under the White House's newly revised initiative.

A briefing and vote that would have authorized a county attorney in Texas to sue Merscorp was delayed Tuesday.

Changes to the Home Affordable Refinance Program fashioned as “penalties may work better than incentives” may soar current demand for third-party component servicing, which insiders say is shaping “the new tomorrow” of the mortgage servicing process.

As the last quarter of 2011 dawns, the 2012 business plan of a financial services firm - including mortgage lenders and servicers - should involve initiatives that address the finer points of three important themes.

Ocwen Financial Corp., Atlanta, the nation's largest servicer of subprime loans, reported net earnings of $20.2 million in the third quarter, compared to a year ago loss of $8.8 million.

JCR Capital, Denver, will be originating, underwriting and managing a $100 million commercial real estate bridge loan fund for an unnamed institutional investor.