Servicing

Delinquency rates on home equity lines of credit rose 11 basis points on a sequential basis in the second quarter to 1.91%, according to new figures compiled by the American Bankers Association.

Record low interest rates are not bringing borrowers to the table as the level of loan applications decreased 4.3% on a seasonally adjusted basis for the week ended Sept. 30 according to the Mortgage Bankers Association.

Consumer lending experts urged a Senate panel on Tuesday to confirm a director of the Consumer Financial Protection Bureau this week.

A top Federal Reserve Board official is pressing for changes in mortgage servicing agreements to encourage more workouts of troubled loans.

The House voted 352-66 Tuesday afternoon to pass a continuing resolution that will fund government operations, including the National Flood Insurance Program, through November 18.

Following federal and state level debates over mortgage debt management solutions one municipality is looking at internal operations and data to identify ways to reduce debt.

The reduction in the Fannie Mae/Freddie Mac loan limit could trim home sales by up to 5%, further delaying a recovery in the housing market, according to industry officials speaking at a Progressive Policy Institute conference Tuesday.

PHH Mortgage Corp., will be losing one of its largest private-label origination customers in Charles Schwab Bank, but will be adding five new clients for which it said this new business should more than offset any lost income.

Gleacher & Co. Securities Inc., New York, has hired a head of agency trading and four other managing directors as part of the ongoing expansion of its fixed income platform.

Renting to mitigate foreclosure losses is emerging as a work-intensive, yet effective solution for owners of foreclosed homes when delivered by one-stop-shop third-party servicers who offer personalized workouts.