Servicing

The performance of prime residential mortgage-backed securities in Spain looked relatively stable month-to-month in August but the full impact of record high unemployment in the country has not yet taken full effect, according to a Moody’s Investors Service report.

Field Asset Services, a property preservation firm based in Austin, Texas, has become “a household word” with utility companies and municipalities, according to Dale McPherson, president and CEO.Under its utilities services, FAS offers relationship management with the utility provider, billing consolidation, flat-rate billing, and agent and attorney reimbursements.

Attorneys general from 49 states have agreed to coordinate efforts to investigate the nation's foreclosure mess and determine whether servicers violated state laws by cutting corners when filing their paperwork.

Mortgage application volume rose 14.6% last week on a seasonally adjusted basis, the first increase in five weeks, as record low rates finally enticed existing borrowers to refinance, according to new figures released by the Mortgage Bankers Association.

Interactive Mortgage Advisors, Denver, has been hired to sell $43 million of nonperforming residential second liens.

Jamie Dimon, CEO of the nation's third largest lender/servicer, told analysts and investors Wednesday morning that a temporary halt in foreclosures will not have much of an impact on the housing market if it ends in three or four weeks.

The key to solving the housing crisis is the disposal of billions of dollars worth of nonperforming loans sitting on the books of the nation’s depositories and investment banks. But now that the mortgage industry has been wracked by the “foreclosure-gate” crisis the NPL market may be the next victim of this fast growing mess.

JPMorgan Chase suffered $1.5 billion of mortgage repurchase losses in the third quarter due to loan buybacks from secondary market investors (mostly the GSEs) but its residential lending unit still managed to post positive earnings in the quarter.

When used properly, social media can help credit unions make connections with Realtors, which in turn will increase CUs’ share of the mortgage market.

Even though a Florida judge says it does not have to, a law firm that the state’s attorney general’s office is going after for alleged foreclosure malfeasance is willing to discuss its practices with them.