Servicing

A Texas investment firm has launched a new fund to invest in subordinated debt and take mezzanine stakes in what it calls "carefully selected" mortgage banking firms.

Ron Millar, a trader and senior associate in the capital markets group of Arch Bay Capital, Irvine, Calif., has left the nonperforming loan investing company, according to co-workers and others who do business with the firm.

BB&T's warehouse lending commitments rose 28% in the second quarter to $1.76 billion as the bank increased its nonbank customer base to 160 institutions.

The nation's robosigning debacle and the overhang of foreclosed properties on the market caused foreclosure activity to drop significantly during the first-half of the year, according to new figures compiled by RealtyTrac.

The Federal Housing Finance Agency on Wednesday filed suit against UBS Americas for misrepresenting the quality of private label, non prime MBS it sold to Fannie Mae and Freddie Mac during the housing and mortgage boom.

The chief executive of Flagstar Bancorp, Troy, Mich., told a conference call that he was encouraged by the steady results the company is seeing as it moves from a mortgage banking model to a commercial banking one and works to reverse a loss it took in the second quarter due to legacy concerns.

Cognizant has acquired CoreLogic’s Global Services Private Ltd., the India-based captive operations of CoreLogic, in a move that transfers some operations used for U.S. mortgage industry outsourcing to the former company.

Freddie Mac's issuance of mortgage-backed securities rose 10% in June after falling nearly 9% in May, according to the government-sponsored enterprise.

Mortgage defaults in California reached a four-year low at the end of last quarter, according to DataQuick.

High-ranking members of the House Financial Services Committee have introduced a bipartisan bill that encourages banks, Fannie Mae and Freddie Mac to rent foreclosed properties as a way to reduce REO sales and stabilize house prices and communities.