Servicing

Kinecta Federal Credit Union has launched a jumbo loan program for high net worth borrowers that allows them to use a percentage of their assets in certain other financial products to help them qualify for hybrid adjustable-rate mortgages from $417,001 to $3 million in size.

Independent mortgage banking firms made an average profit of $575 per origination in the second quarter, a 66% gain compared to 1Q -- but a significant decline from two years ago when the average gain was $1,358.

Behringer Harvard, a global real estate investment program, has formed BH Capital that will focus on the acquisition of small-balance debt properties sold on the secondary market through individual transactions or portfolio sales.

Three properties in Ohio and Michigan that previously belonged to General Motors Corp. have been sold in separate transactions.

A payment has not been made on the average loan in foreclosure in 599 days, up from 587 the previous month, according to Lender Processing Services Inc.'s latest monthly Mortgage Monitor report.

After months of rumors, Bank of America made it official Wednesday morning, saying it would exit the correspondent mortgage space, where it ranks second nationwide.

CoreLogic said recently hired financial advisory firm Greenhill & Co. will evaluate the company's financial strategy and “explore a wide range of options aimed at enhancing shareholder value,” up to and including a possible sale or merger of the Santa Ana, Calif.-based provider of mortgage and property data, analytics, technology and services.

Future mortgage-backed securities repurchase disputes could go through independent third-party reviews and possibly binding arbitration as part of model principles for them released by the American Securitization Forum Tuesday.

Mortgage-related securities issuers have to decide whether to maintain their ability to come to market regularly in tough times or whether it might be wiser to wait for calmer waters.

Home prices rose 1.1% in June after a 1% increase in May as values in 19 of the 20 metropolitan areas tracked by the Standard & Poor's/Case-Shiller house price index registered monthly gains.