Servicing

President Barack Obama wants banks to step up their efforts to help struggling borrowers stay in their homes by offering principal reductions, extending short-term modifications, and lengthening existing mods.

he RealtyTrac April 2011 U.S. Foreclosure Market Report finds foreclosure filings dropped 9% compared to March and 34% from April 2010, largely due to delays in foreclosure processing.The April decline marks the seventh straight month the total number of default notices, scheduled auctions and bank repossessions decreased year-over-year down to a 40-month low.

Fewer Americans believe that borrowers who are not making their monthly mortgage payments are strategic defaulters, the most recent Chicago Booth/Kellogg School Financial Trust Index survey found.

The Prestwick Mortgage Group is offering a $172 million package of mortgage servicing rights tied to Fannie Mae loans originated in New Jersey.

Radian Guaranty Inc.'s primary delinquent loan inventory decreased by 1,876 loans in April, but the number of new delinquencies outpaced the number of cures reported by 1,244 loans.

The RealtyTrac April 2011 Foreclosure Market Report finds the number of foreclosure filings in the month dropped 9% compared to March and 34% from April 2010, largely due to delays in foreclosure processing.

The chief regulator of all GSEs this week told directors of the 12 Federal Home Loan Banks that they need to keep an eye on the system’s investment portfolios and executive compensation packages.

As lawmakers take up mortgage servicer standards at a hearing Thursday, the Mortgage Bankers Association is advocating a cautious approach to standard-setting while trying to debunk what it says are misconceptions about servicing.

Morgan Stanley is once again weighing the sale of its residential servicing operation, Saxon Mortgage, according to industry officials familiar with the matter.

In theory, it sounds like a simple idea: assign delinquent borrowers to a single person in the servicing department responsible for guiding them through the loss mitigation process.