Servicing

PennyMac, one of the largest buyers of nonperforming loans in the nation, revealed in a new SEC filing that a “significant portion” of the distressed assets it buys come from just one “major financial” institution.

The recovery prospects for second-lien holders in residential foreclosures keep looking dicier.

John Daurio, chairman and CEO of Kondaur Capital, is stepping down as the day-to-day manager of the nonperforming loan investing firm, according to officials close to the situation.

A quick glance at the first-quarter earnings reports of the nation’s megabanks reveals that these servicing-rich companies are continuing to mark down the value of their MSRs like there’s no tomorrow.

In an ever-changing regulatory environment it is crucial for lender-servicers to act quickly and modify their processes to remain in compliance with the Interagency Appraisal and Valuation guidelines under the Dodd-Frank bill that went into effect on April 1.

Vague language in the Dodd-Frank Act that entitles borrowers to a defense to foreclosure transfers origination liability burdens to servicers and may even “put a stop” to foreclosures.

Fannie Mae reported a 72% spike in loan repurchase requests in the first quarter, a sign that the GSE’s legacy portfolio is continuing to deteriorate in quality.

Redwood Trust Inc., Mill Valley, Calif., earned $18 million in the first quarter, a 61% decline from the same period a year ago as lower net interest revenue and negative valuation adjustments took a bite out of its performance.

Mortgage Guaranty Insurance Corp., Milwaukee, reported it had nearly 1,100 more cures than new notices of default for April, the third month in a row this has happened.

There are still a lot of questions about the future of the secondary mortgage market and the excesses from the downturn left to clear. But there was more of a sense at the Mortgage Bankers Association’s conference this year that, despite these outstanding issues, folks are more focused on moving ahead with their business to the extent possible.