Servicing

When the stock market tanks – as it did Monday when the Dow dropped 635 points – it usually translates in the yield on the 10-year Treasury falling, which is exactly what happened. But this time around the decline resulted in the benchmark bond falling to a new all time low – 2.33%, which means mortgage bankers may be in for a boatload of refinancings.

Wells Fargo & Co., the nation's second largest servicer, has invited 13,000 customers to its two-day Chicago Home Preservation workshop scheduled for August 17-18 in the Windy City.

Mortgage servicers completed 31,600 HAMP modifications in June, including 2,000 restructurings that involved principal reductions, according to a new report from the Treasury Department.

The yield on the benchmark 10-year Treasury fell to 2.35% Monday morning, nearing its all-time low as stocks sold off in the wake of S&P's historic debt downgrade on the U.S.

CMBS delinquencies in the U.S. have reached a new record high as a result of a slew of new late-pays along with below-average loan resolutions last month, Fitch Ratings analysts said.

American International Group plans to sue Bank of America along with a host of other prominent financial institutions as the insurer seeks to recover losses on mortgage backed securities, according to a report in The New York Times.

Although Bank of America entered into a $2.8 billion buyback settlement with Fannie Mae and Freddie Mac late last year, it is looking at additional repurchase claims regarding the two GSEs, according to a new filing with the Securities and Exchange Commission.

Profits at TFS Financial Corp. in Cleveland, a top ranked mortgage funder in the state, fell sharply in the quarter that ended June 30, as a surge of new loan activity could not make up for a steep drop in noninterest income.

We at MBA believe that a consolidated national servicing standard, if developed in a cooperative manner, could stimulate much needed reform of a residential mortgage loan servicing system that has admittedly failed a great number of consumers during the recent foreclosure crisis.

CoreLogic posted net income of $31.48 million for the second quarter of 2011, an increase of nearly 29% from 2Q10's net income of $24.41 million. But the higher earnings were off lower revenue, $396.4 million in 2Q11, compared to $411 million in 2Q10.