Servicing

A successful Pennsylvania program that helps unemployed workers make their mortgage payments could be revamped to help underwater borrowers, according to a report by economists at the New York Federal Reserve Bank.

Fannie Mae reported a $6.5 billion loss for the first quarter, after posting an operating profit of $73 million in the prior period.

NexBank, Dallas, is starting a correspondent lending program aimed at community banks and mortgage brokers. The company already has a wholesale channel (started in 2008) and last year entered the warehouse lending business.

Wells Fargo & Co., in a new public filing, hiked its estimate for potential losses stemming from foreclosure-related litigation against the bank.

The return to operating profitability at Radian Group should be in 2012 but for rival PMI, it should take longer to return to profitability because it continues to operate with a thinner capital cushion than its competitors, separate reports from FBR Capital Markets analyst Steve Stelmach declare.

CoreLogic, Santa Ana, Calif., reported net income of $23 million for the first quarter, which included a $25 million pretax gain on the sale of DealerTrack Holdings common stock and a $14 million increase to its tax provision related to a deferred-tax asset reduction because of the Dorado acquisition.

The big question on everyone’s mind at the Mortgage Bankers Association’s National Secondary Market Conference in New York was, when will we see a thriving nonconforming secondary again?

United Guaranty Corp., the mortgage insurance subsidiary of American International Group, had operating income of $13 million for the first quarter, down from operating income of $73 million for the same period last year.

Bank of America is tripling its network of residential assistance centers, hoping to reach more troubled borrowers in 22 states and help them avoid foreclosure.

The mortgage industry continued to shed jobs in March, the third straight month in which full-time employment in the sector took a dive, according to government figures released Friday morning.