Servicing

The Federal Housing Finance Agency is expected to release its long-awaited proposal on changing servicing compensation by July with three main options being offered to the industry, according to servicing advisors close to the issue.

Opponents of risk retention are beginning to sing the praises of transparency as an alternative to requiring securitizers of mortgage-backed securities to have "skin in the game."

Quicken Loans Mortgage Services, a nonbank, late this past week unveiled an expansion of its correspondent business, offering a new platform to community banks and credit unions.

An eminent domain action this year that a recent Barclays report indicated might hurt certain investors in one CMBS deal was a one-off event that could have been worse. But it is nevertheless is worth noting as it serves as a reminder that this known but rare risk can crop up occasionally.

The Department of Housing and Urban Development will re-foreclose on all its REO properties in Michigan where the original foreclosure was conducted in the name of MERS using the state’s nonjudicial process.

In the “pre-crash” days of the mortgage industry two facts were unmovable: that the average nationwide home price would never fall and that servicing rights would never decline.

Interactive Mortgage Advisors is selling a $481 million Fannie Mae bulk residential servicing portfolio that has just five months of seasoning and no delinquencies or foreclosures.

A securities regulator late this week fined two Wall Street firms with each then settling the matter which involved separate allegations that the companies misrepresented and improperly supervised certain subprime RMBS delinquency figures.

Fannie Mae issued $34.5 billion of mortgage-backed securities in April, a 36% plunge from the prior month, according to figures released by the GSE Friday morning. In April its MBS issuance rose 4.2%.

Bank of America Corp. will pay $20 million and Morgan Stanley $2.35 million for improperly foreclosing on members of the military — some of whom were on active duty in Iraq and Afghanistan — under a settlement with the Justice Department.