Servicing

Accenture announced its acquisition of Dallas-based mortgage outsourcing provider Zenta Monday, in a move that puts the global consulting and outsourcing provider in the thick of the mortgage origination business and the massive loss mitigation efforts ongoing in the mortgage servicing industry.

In the wake of recent market volatility and record low rates, the spotlight in the business is on secondary marketing executives, which could see some changing of the guard in this area as a result.

The number of residential loans entering the foreclosure process is falling with "no evidence" that a backlog is building up that could suddenly flood the market, according to the chief economist of the Mortgage Bankers Association.

TMS Funding, Milford, Conn., is making jumbo loans available through its wholesale channel, president John Walsh told this publication.

The national delinquency rate on outstanding home mortgages ticked up to 8.44% in the second quarter, which means roughly $793.4 billion of residential loans are 30 days or more past due.

The loan-limit countdown has begun. In lieu of lower loan limits on conforming loans and mortgages insured by the Federal Housing Administration, some lenders have already stopped taking applications for financing in amounts above $625,500.

The PMI Group late Friday told its mortgage banking clients that it has immediately halted the writing of all new insurance policies.

Interactive Mortgage Advisors, LLC, said it will auction off an $88 million bulk mortgage servicing package tied to Fannie Mae, Freddie Mac and GNMA loans.

Although mortgage rates hit a 50-year low last week, don't expect them to bail out the ailing U.S. housing market.

The recent rise in refinance applications has prompted economists at the Mortgage Bankers Association to boost their origination forecast for the second half of this year by over $90 billion.