Servicing

By the end of the first quarter of 2011 the seasonally adjusted delinquency rate of all one-to-four unit residential property loans increased to 8.32%, up 7 basis points from the fourth quarter of 2010. Yet overall findings from the Mortgage Bankers Association’s National Delinquency Survey show improvements are taking hold.

The Treasury Department has directed the 20 largest HAMP servicers to establish "relationship managers" who will provide a single point of contact for homeowners seeking a loan modification.

Residential Credit Solutions, a servicer whose client base includes Fannie Mae, this week hired Jim Mitchell as vice president of national business development.

It appears the great debate over altering the minimum servicing fee paid by Fannie Mae and Freddie Mac is coming to a close with many mortgage professionals hoping that in the end no change whatsoever will be made.

The average rate for both the 30-year and 15-year fixed rate mortgage fell by two basis points according to the Freddie Mac survey for the week of May 19, making it five consecutive weeks of declines.

Mortgage late payments rose in the first quarter to an overall national rate of 8.32%, although the 90-plus day rate and the number of foreclosures started declined, according to new figures compiled by the Mortgage Bankers Association.

A fund controlled by servicing advisor Interactive Mortgage Advisors this week closed on a $10 million REO package of homes in Southeast Florida.

The top regulator of the Federal Housing Finance Agency said Wednesday he won't rush the 12-bank cooperative to correct their balance sheets, but does expect some alteration soon.

Sales of moth-balled, private-label MBS by the Federal Reserve had little impact on market prices, according to the minutes of the Fed's monetary policy committee.

The restoration of the private-label MBS market is being threatened by several regulatory efforts to re-engineer the entire "securitization machine," according to new Congressional testimony from the American Securitization Forum.