Servicing

The Knights of Columbus late Tuesday said in a press release that it has expanded a case against the Bank of New York as trustee for 18 residential mortgage-backed securities trusts originally issued by Countrywide with additional claims of breach of contract, among other things.

Stock market volatility drove rates on the 30-year fixed-rate mortgage to hit a new low point for the year but it also contributed to a pull-back in the purchase market, holding the increase in mortgage application volume to just 4.1% for the week ended Aug. 12, according to the Mortgage Bankers Association.

Property preservation provider REO Allegiance, Bayonne, NJ, has been selected to be part of a new inspection program created by Atlas REO Services to protect foreclosed homes.

Only a few years ago most of the talk about short sales revolved about how to make the process more efficient - meaning shorter, since on average it lasted anywhere from 60 to 90 days. That worry is a thing of the past.

Insiders agree that while best loss mitigation strategies vary case-by-case including a loan modification, a deed-in-lieu, a short sale, doorknockers and face-to-face interaction, or the one point of contact, servicing compensation remains a key mortgage industry challenge for both servicers and their third party service providers.

Yet another RealtyTrac U.S. Foreclosure Market Report blends in with recent past industry news that ultimately sugarcoat a reality where the effects of the economic crisis and foreclosure processing delays due to regulatory requirements or pending litigation often are immensurable.

Ginnie Mae issuers sold $27.8 billion in mortgage-backed securities into the secondary market in July, up 6% from the previous month, according to the Government National Mortgage Association.

Green River Capital, an REO asset management and loss mitigation provider, has fulfilled requests from real estate agents by creating a mobile device application.

Conventional refinance mortgage application numbers affected by low rates during last week's market volatility are expected to come in roughly around 20% lower than they were when the Mortgage Bankers Association's application index hit its peak last year, according to a Credit Suisse report Monday.

Distinctive features related to principal forgiveness in an unusual modification program Ocwen recently started could improve efforts made to resolve underwater loans in securitizations, according to a Moody's Investors Service report Monday.