Servicing

The surge in refinancing, now down to a virtual trickle, was officially pronounced dead and gone at the Mortgage Bankers Association's annual secondary market conference in New York.

The residential mortgage division of Ally Financial posted earnings of $34 million in the first quarter, a 78% decline from the same period a year ago.

Interactive Mortgage Advisors, Denver, is offering a $402 million package of bulk servicing rights backed by Government National Mortgage Association guaranteed loans.

Mortgage servicers reported a pickup in propriety loan modifications as well as foreclosure sales in March.

Secondary market investors are continuing to push for consent standards that dictate when a second lien can be added to a first mortgage, industry executives told attendees at a conference Monday morning.

House Financial Services Committee chairman Spencer Bachus, R-Ala., on Monday said he is trying to forge a consensus on GSE reform legislation based on several bills already approved by a subcommittee.

The primary units that private equity group TPG Capital acquired from MacDonald, Dettwiler and Associates will be grouped together and operated under the brand name DataQuick.

John Dickinson may have been more eloquent when he wrote the "Liberty Song" in 1768. But David Stevens, the new president and chief executive of the Mortgage Bankers Association, emphasized the same point at the group's annual secondary market conference in New York.

As GSE and other types of industry reform position the secondary mortgage market for a “do-over” of sorts, keep in mind some of the issues from the original formation of the MBS market that will likely have a role to play this time around, too.

After falling for four straight quarters, delinquency rates on construction loans appear to have edged up slightly in the first quarter, according to preliminary estimates from Trepp LLC.