Servicing

A higher level of consistency in quarter-to-quarter and month-to-month improvements in the delinquency rate indicate that despite the crippling unemployment, ongoing volatility in housing prices and shadow inventory issues, the overall picture of the housing market in the short to midterm is getting clearer.Recent industry data reaffirm that while on its way, the long-expected move towards a housing recovery still hangs by a string.

The multitude of market data and outlooks is encouraging a few relatively optimistic outlooks into the future of the housing market.Chicago’s TransUnion presented a relatively optimistic forecast based on the economic assumption that both real estate values and the employment rate will “improve gradually.”

When Bank of America said it was exiting the wholesale channel in early October, all looked bleak for loan brokers, which depend on such firms. After all, if the nation's No. 3 ranked table funder is getting out, that's not a good sign, or so went the conventional thinking.

Mortgage bankers issued $35.5 billion of Ginnie Mae-backed MBS in October, a 5% jump from September. Single-family issuance totaled $34.2 billion with multifamily MBS accounting for $1.3 billion.

Residential servicers could reach more troubled borrowers and improve their loan modification efforts if they relied more heavily on housing counselors, according to NeighborWorks America, a nonprofit.

Greg Ousley wants to be a chaperone of sorts for the secondary mortgage market. The chief executive of Global Debt Registry says his company's system, which was designed to track ownership of delinquent credit card debts, can improve upon the widely used Mortgage Electronic Registration System.

The Oregon attorney general has filed a lawsuit accusing American Team Mortgage, Mission Viejo, for repeatedly violating the state's Unfair Trade Practices Act and Mortgage Rescue Fraud Protection Act.

Commercial banks and savings institutions originated $162 billion of single-family loans through retail outlets in the third quarter, a 22% jump from 2Q, according to new figures released by the Federal Deposit Insurance Corp.

The American Securitization Forum in a new letter to joint regulators is pressing harder for risk retention to take the form of a “vertical slice” when it comes to residential mortgage-backed securities.

Sales of existing homes fell in October to an annual rate of 4.43 million units, a small decline from the prior month, but a 26% plunge from the same month a year ago, according to new figures released by the National Association of Realtors.