Servicing

Calling the foreclosure process "fragmented," the Government Accountability Office recommended that banking regulators and the new Consumer Financial Protection Bureau develop plans for regulating mortgage servicers that would include standardizing foreclosure practices.

The nation’s four largest residential servicers – with the exception of Wells Fargo & Co. – took large writedowns on the asset value of their residential servicing portfolios in the first quarter, according to an analysis done by National Mortgage News.

Senate Republicans declared war on the Consumer Financial Protection Bureau Thursday afternoon when they vowed to block the nomination of any permanent director unless Congress agrees to sweeping changes to the agency's structure.

The PMI Group Inc., Walnut Creek, Calif., lost $127 million in the first quarter 2011, as its U.S. mortgage insurance business had a net loss of $137 million for the period due to continued high losses and loss adjustment expenses and lower premiums earned.

Despite what CEO S.A. Ibrahim described as the stagnant housing market affecting his company's mortgage insurance business, Radian Group Inc. reported a first quarter net profit of $103 million. This profit was driven by $319 million of fair market gains on derivatives.

Freddie Mac said it may suffer $690 million of losses due to the bankruptcy and fraudulent activities of Taylor Bean Whitaker, a Florida-based lender that failed 18 months ago and became the subject of a large criminal investigation.

Annaly Capital Management, one of the nation’s largest mortgage investing REITs, earned just shy of $700 million in the first quarter, double what it earned in the same period a year earlier.

Government controlled mortgage giant Freddie Mac posted its first true net profit in almost two years, earning $676 million in the first quarter — even after paying the U.S. Treasury a $1.6 billion dividend on the preferred stock it owns.

Current and expected regulatory compliance requirements and loss mitigation challenges are pressing servicers to address shortages in well-trained, experienced staff.

The Loan Post, a provider of loss mitigation and short sales solutions, launched a new technology platform for real estate brokers, servicers and attorneys to expedite short sale applications.