Servicing

Rep. Randy Neugebauer, the new chairman of the House Financial Services Oversight Subcommittee, believes the guarantee fees Fannie Mae and Freddie Mac charge its seller/servicers are underpriced and should be increased.

Since the government seized control of Fannie Mae and Freddie Mac in the fall of 2008, the two have spent more than $160 million defending the firms and their former top executives in civil lawsuits.

Lender Processing Services, Jacksonville, Fla., during its year-end processing cycle handled some 37 million loans for 67 mortgage servicers in one day, Jan. 1.

Paul Bognanno will succeed R.K. Arnold as interim CEO of MERSCORP, Reston, VA.

Mortgage servicers that provide troubled borrowers with a 'single point of contact' to help them through loan modifications and workouts avoid costly delays and customer confusion, according to a Fannie Mae executive.

Roughly $22.5 billion worth of commercial mortgages are set to mature over the next 12 months and will need to be rolled over, according to a new report from Fitch Ratings. In total, 22,000 loans will be affected.

Mortgage banking income at BB&T Corp., was down by $46 million between the third and fourth quarters for reasons related to the residential mortgage business. When the fourth quarters of 2009 and 2010 are compared, mortgage banking income was down $4 million due to servicing-related issues.

A decline in mortgage-related income caused noninterest income at SunTrust Banks Inc., Atlanta to decline by $15 million between the third and fourth quarters.

The Department of Housing and Urban Development is in the process of approving another one-year suspension of its anti-flipping rule on foreclosed properties bought with FHA loans.

Bank of America Corp., during an earnings conference call with analysts, pinned an upper bound to its risk of loss from litigation over private-label, mortgage-backed securities: $7 billion to $10 billion.