Servicing

Ocwen Financial is one of at least three investors that were invited in by Goldman Sachs to make a final round of bids on Litton Loan Servicing, the Wall Street firm’s specialty servicing division, according to investment bankers and others close to the situation.

Fannie Mae has approved a second subsidiary of Genworth Mortgage Insurance Corp. as an eligible mortgage insurance writer. Several of the private mortgage insurers have established subsidiaries to keep on writing new business in the event their main operation breaches the 25:1 risk-to-capital ratio or minimum policy position required by 16 states.

The chief financial officer of nonperforming loan investor Kondaur Capital departed the company about 10 days ago – at the same time that the NPL investor’s founder and chairman Jon Daurio was forced out by the firm’s board, National Mortgage News has learned.

Banks will face increased costs and reduced revenues as the federal government drafts and implements a new series of regulations affecting mortgage lending and servicing, according to the Comptroller of the Currency.

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.