Servicing

If settlement talks between the states and residential servicers break down, the nation's megabanks will face the prospect of lawsuits from up to 30 state attorneys general, according to Sen. Jack Reed, D-R.I.

If the benchmark 10-year Treasury is any indication, mortgage rates may be heading down again.

With fears mounting that the GSEs may soon alter servicing compensation in a significant way, at least one Wall Street firm is making the rounds offering a 'sale leaseback' deal to some of the nation's largest holders of MSRs, National Mortgage News has learned.

A new estimate by the Treasury Department shows the bailout of Fannie Mae and Freddie Mac will cost taxpayers an additional $73 billion through 2021.

Pentagon Federal Credit Union of Virginia, and North Island Credit Union, San Diego, this week signed a correspondent contract under which North Island will offer residential loans originated by the PenFed, one of the largest CU players in mortgage banking.

Interactive Mortgage Advisors, Denver, is auctioning off a $510 million bulk package of mortgage servicing rights tied to Fannie Mae loans in 20 states.

A county court in New York ruled in favor of the Bank of New York Mellon's right to foreclose after a delinquent borrower brought a legal challenge to the role of the MERSCorp Inc. in the foreclosure process.

Since its founding in 2000, the Lenders One Mortgage Cooperative is a group that's been exclusively a group of community and regional residential lenders. But for the first time, it's allowed a mortgage investor to join its consortium.

Four major industry trade groups are urging Senate Judiciary Committee members to vote against a bill that allows U.S. bankruptcy courts to set up loss mitigation programs where homeowners and servicers can negotiate a loan modification.

Industry data showing delinquencies will continue to plague the mortgage market in the near future also indicate demand for short sales will go up motivating special servicing providers to get on gear.Most agree that specialized expertise—combined with effective borrower outreach and technology—are key in the success of a short sale transaction.