Servicing

Arizona State CU has begun offering its members low-down payment, low-rate loans to buy homes currently owned by Fannie Mae, the Phoenix-based credit union said.

It's hard to tell where you’re going to find a good loss mitigation idea. At the SourceMedia Loss Mitigation Conference held in Dallas recently, a participant said the government’s HAMP modification plan was a good loss mit strategy.

CU Companies, a mortgage service organization owned by credit unions in the New Brighton, Minn. area, has launched a correspondent purchase program for member institutions.

The heads of CMBS trading at Citigroup and Goldman Sachs departed from their respective firms late last week.

When it comes to residential finance and the nation's megabanks, the second quarter was a case of "the bigger they are, the more they suffer" with glimmers of hope here and there.

Fannie Mae on Friday suspended Republic Mortgage Insurance Co. as an approved MI to the GSE and took the added step of suspending a subsidiary that RMIC planned to write all new business through come September 1.

The policy that prevents mortgage servicers from initiating foreclosures in the name of Mortgage Electronic Registration Systems Inc. became permanent this week after parent company Merscorp Inc. finalized changes to its procedures and quality assurance manuals.

JPMorgan Chase & Co. is winding down Plymouth Park Tax Services LLC, a business inherited from Bear Stearns & Co. that buys and collects delinquent property tax liens.

The nation's mortgage insurance firms wrote $4.8 billion of primary new business in June, the sector's best month of the year, excluding January, according to new figures compiled by an industry trade group.

PHH Corp., the nation's fifth largest residential funder, lost $41 million in the second quarter as the fair value of its mortgage servicing rights declined by $117 million during the period.