Servicing

Minneapolis-based U.S. Bancorp had nearly $20 billion in mortgage loan production during the fourth quarter, which led to an almost 15% increase in mortgage banking revenue over the same period in 2009.

MetLife Bank has hired former Bear Stearns and Ohio Savings executive Jess Lederman as a top executive in its residential correspondent lending division, according to mortgage officials who received a notification from the industry veteran.

First South Bancorp Inc., Washington, N.C. reported $6.5 million in net operating losses for the fourth quarter of 2010, mainly due to foreclosure related asset quality deterioration.

MGIC Investment Corp., Milwaukee, posted a loss of $187 million for the fourth quarter, an improvement over the $280 million loss for the same period in 2009, but worse than the $52 million in the third quarter of 2010. Company executives had previously warned the fourth quarter would see a higher loss than the third, however these losses are even higher than what analysts had expected.

Wells Fargo & Co. in the fourth quarter solidified its position as the nation's largest funder of home mortgages, originating $128 billion of loans during the period, its best showing since the second quarter of 2009.

The Federal Housing Administration has completed its reviews of the largest FHA servicing shops and is now processing notices of violations of its loss mitigation and foreclosure standards.

FDIC chairman Sheila Bair is calling on residential servicers to step up their efforts to modify loans and compensate homeowners harmed by the foreclosure process as part of a settlement with the federal government.

For the third week in a row mortgage application volume increased as refinance apps have reached their highest level since the start of December, according to new figures released by the Mortgage Bankers Association.

Federal banking regulators have nearly completed their reviews of the foreclosure processing problems at the nation's megabanks and will be briefing the companies' senior management on their findings soon.

Citigroup reported single-family mortgage originations of $21.8 billion in the fourth quarter, up 17% from the prior period.