Servicing

Thanks to an ailing U.S. economy and trouble in overseas markets, rates offered on 30-year fixed-rate mortgages fell to a new yearly low this week, 4.39%, according to figures compiled by Freddie Mac.

Despite a quarter-over-quarter gain of 4.1%, national home prices are still down over the entire year, according to the Clear Capital Home Data Index Market Report.

PMI Group, Walnut Creek, Calif., lost $135 million in the second quarter, but it could have been worse if the company was not able to record a $151 million gain on sale (net of tax) as it was finally able to recognize the note associated with the sale of its Australian mortgage insurance operations.

Commercial mortgage lenders more than doubled their originations in the second quarter compared to 2Q 2010 with all property types – especially multifamily – contributing to the gains.

First Tennessee Bank, Memphis, ended June with $1.9 billion of warehouse commitments on its books, just about flat compared to the same period a year ago.

With the likelihood of legislation to create a new housing finance system increasingly remote, the government should still take interim steps to transition away from a system built around Fannie Mae and Freddie Mac, industry representatives said Wednesday.

One tenet of real estate investing is that you never should sell a home in a down market. And one tenet of mortgage banking has always been that you don't sell servicing rights in a down market either.

Community bankers are pressing for a carve-out as lawmakers weigh whether to create national mortgage servicing standards.

Realtors are having trouble working with lenders during the short sale process, according to a California Association of Realtors survey.

MortgageKeeper Referral Services has developed a database that helps struggling borrowers improve their financial situations by connecting them to qualified nonprofit organizations and governmental agencies.