Servicing

Prospect Mortgage has been selected to offer financing as part of Fannie Mae’s HomePath Renovation Mortgage.

Ultimately, Ocwen Financial Corp.'s pending purchase of Litton Loan Servicing is likely to benefit the investors in the $45 billion of mortgages that Litton manages and some of the homeowners. That's because Ocwen has a record of moving faster than Litton to resolve troubled loans, either through modification or foreclosure.

Wells Fargo & Co. decided to exit reverse mortgages after federal officials insisted it foreclose on elderly customers who were behind on property tax and insurance payments, a Wells executive wrote in an email to business contacts Friday.

Fannie Mae and Freddie Mac have taken a big chunk of the jumbo mortgage market away from private investors since 2008 when Congress raised the maximum GSE loan limit to $729,750, according to researchers at the Federal Housing Finance Agency.

G8 Capital, Ladera Ranch, Calif., has named Aaron Murray to head its nonperforming loan acquisitions team.

Capital One Financial Corp. will acquire $41 billion of mortgage loans and $20 billion in various types of MBS as part of its $9 billion purchase of ING Direct USA.

Even though the single-family rental market is becoming a popular trend during these troubled times in the housing industry, there is still a desire for Americans to become homeowners at some point.

Foreclosure activity has hit a three-and-a-half year low, with one in every 605 U.S. homes receiving a foreclosure filing in May.

The Federal Deposit Insurance Corp. is preparing $2 billion worth of structured asset sales that will hit the market shortly, a top agency official said Thursday.

For the first time since the housing market collapsed in South Florida, less than 50,000 residential properties are listed for sale.