Servicing

The American Bankers Association this week sent a letter to leaders in the Senate asking them to block an amendment drafted by Sen. Jeff Merkley, D., Ore., that among other things would require an independent third-party review of a troubled loan before a foreclosure could be finalized.

Bank of America said late Wednesday that it mistakenly mailed almost 5,000 Oregonians letters claiming they owe property taxes and might be risking foreclosure when they, in fact, don't.

On a day where the Dow Jones Industrial Average fell by almost 179 points, all but two stocks related to the mortgage banking industry were among the losers.

A New York state appeals court overturned a ruling in favor of the Mortgage Electronic Registration Systems, finding Bank of New York did not have standing to initiate a foreclosure.

In a new letter, ten Senate Democrats have asked the Comptroller of the Currency to “consider” servicing standards favored by the state attorneys general as a way to ease foreclosure conditions for struggling mortgagors.

One economist expects that there could be some temporary volatility related to and ahead of the Aug. 2 deadline to increase the U.S. debt ceiling, and mortgage market participants might want to have some contingency plans for it.

A large origination and servicing outsourcer for the UK and Ireland mortgage industry launched a private-label online self-service tool for borrowers to monitor their accounts from their lender’s websites.

It seemed like a sure bet: with the nation’s banks and securities firms saddled with hundreds of billions of dollars in delinquent loans, a fortune might be made by bottom fishing for these assets. After all, desperate sellers might be willing to get out from underneath their toxic mortgages at any price. Right?

A correspondent lender for the first time will be offering the HarmonyLoan, a mortgage that give borrowers the option to adjust their rate downward or extend the fixed-rate portion of their home financing at regular intervals.

A program aimed at helping distressed California homeowners avoid foreclosures has received additional assistance from mortgage servicers.