Servicing

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.

A petition has been created by Change.org to support an American soldier fighting in Iraq whose family home in Oregon may be foreclosed on when he visits next month.

Realis Real Estate Software has released Prelude for real estate agents to effectively and efficiently manage multiple short sale properties and transactions.

Garth Graham, president of Financial Literacy Solutions, Plantation, Fla., thinks that servicers have had plenty of interaction with housing counselors in the current crisis. But he’s not sure they’re handling it the right way, or even looking at the most crucial factors.

As foreclosure rates remain high and vacant properties grow nationwide, states and local communities are enacting difficult ordinances during the registration process for these empty homes.

Based on earnings reports and call report filings from smaller banks, Trepp is projecting delinquency rate improvements for residential and commercial mortgages in the second quarter compared to the previous quarter.