Servicing

Walter Investment Management Corp., a real estate investment trust based in Tampa, has closed on the private placement of $81 million of secured notes, the net proceeds of which will be used to fund its acquisition of St. Paul, Minn.-based GTCS Holdings LLC, the parent of Green Tree.

April was the third consecutive month in which there were more cures than new defaults reported by the members of the Mortgage Insurance Cos. of America. But the month was also the worst of the year so far for primary new insurance written.

The Treasury Department is getting tougher on servicers who don't comply with guidelines of the Home Affordable Modification Program and soon will release compliance grades for the 10 largest HAMP servicers.

GCC Servicing Systems released a new module to its Web-based servicing system of record to automate creation of lien release documentation.

TMS Funding, the wholesale arm of Total Mortgage Services, Milford, Conn., on Tuesday announced that it has hired five new account executives with 72 years of combined experience.

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.