Servicing

Wells Fargo & Co. may soon be the most valuable bank in America based on market capitalization.

Union Bank, San Francisco, this week rolled out a 30-year, fixed rate jumbo loan, adding to its arsenal of portfolio products. The mortgage will be offered through both its retail branches and outside loan brokers that work for the company.

PennyMac Mortgage Investment Trust and its servicing division said it disagrees with recent findings from the Georgia Department of Banking and Finance regarding its activities in the state but offered little in the way of details.

One strong current of thought since the Republicans’ impressive showing in the recent House elections has been to privatize Fannie Mae and Freddie Mac. It would certainly fit in to a “less government” ethos and it’s an easy enough concept to think of.

MountainView Servicing Group, Denver, is offering for auction three small packages of mortgage servicing rights with the deals expected to close by year-end.

Fitch has issued a presale report on a few billion dollars worth of government-guaranteed senior notes being issued to fund the purchase of RMBS from credit unions placed in conservatorship.

The economic recovery should accelerate gradually throughout 2011, with the second half of the year exhibiting more growth and job creation than the early part, according to Freddie Mac chief economist Frank Nothaft.

Until recently, much of the attention surrounding so-called "put-back risk" has focused on the legal aspect, notably whether judges will require lenders to repurchase loans they sold to securitizers.

Roughly one in four houses sold nationally in the third quarter were distressed properties. But according to research firm Housing Intelligence, more than half the properties that changed hands in eight metro areas were foreclosures.

That the recession has been over officially for more than a year is of little solace to downtrodden mortgage brokers. But a Fannie Mae economist said that if loan jockeys are patient, things will get better.