Servicing

HAMP compliance agents are targeting the 10 largest servicers to see if they exhausted all loss mitigation options before proceeding with foreclosure sales, according to a Treasury Department official.

Sen. Mark Warner, a member of the Senate Banking Committee, called on President Obama to set up a task force to examine the foreclosure paperwork issue that has stalled thousands of foreclosures and raised questions about their legality.

Title insurance giant Fidelity National Financial has canceled a requirement for lenders to guarantee proper foreclosure procedures, citing "heightened" review processes by several mortgage servicers.

After its executives insisted during last week's earnings call that its foreclosure practices were sound, Wells Fargo & Company late Wednesday said it planned to correct and resubmit up to 55,000 improperly filed documents by mid-November.

Headlines are changing daily regarding foreclosure moratoriums and the default servicing process. Opinions are mixed on whether or not more government regulations are a good thing for the industry.

Title insurance giant Fidelity National Financial, Jacksonville, Fla., earned $83.2 million in the third quarter, a 14% rise from the same period a year ago, citing strong business inflows thanks to rising refinancings.

As the mortgage industry tries to entice private investors back into the space, lenders are looking to technology to provide data verification and analysis of the loans they're originating, according to a panel discussion at the Mortgage Bankers Association convention and expo in Atlanta.

Arguably the most outspoken, staunchly conservative member of the House Financial Services Committee, Rep. Jeb Hensarling appears eager to help shape the panel's agenda next year if the Republicans seize the House in next week's elections.

New home sales rose by almost 7% in September to the highest level since June, a sign that the market might be stabilizing.

Residential appraisers should command higher fees now that new regulations will require lenders and appraisal management companies to pay them “customary and reasonable” compensation.