Servicing

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.

Attorneys for the Texas counties that encompass Houston and San Antonio are making plans to file lawsuits against Merscorp Inc.

Home prices barely moved in August on a sequential basis, but compared to a year ago values declined 3.8%, according to new figures compiled by Standard & Poor's Corp.

A revised plan to help underwater borrowers refinance into historically low interest rates is likely to boost competition among mortgage lenders and roughly double the number of people already helped by the government program, according to analysts and industry representatives.

Rep. Scott Garrett, a New Jersey Republican who chairs the House subcommittee with jurisdiction over Fannie Mae and Freddie Mac, plans to unveil a comprehensive bill to reform the secondary mortgage market on Thursday.

CUNA Mutual Group assured credit unions Monday that its CMG Mortgage Insurance joint venture remains financially viable and can pay claims despite the financial troubles of its joint venture partner, PMI Group, San Francisco.