Servicing

Prospects in the global real estate sector are "dismal" and the downturn could last for up to eight years, according to a new warning from the International Monetary Fund.

Bankers Portfolio LLC has teamed up with an aggregator to launch a correspondent channel that will purchase FHA-insured Hope for Homeowner loans on a servicing-released basis.

The National Housing Conference is urging the Treasury Department and Federal Housing Finance Agency to remove restrictions on Fannie Mae and Freddie Mac's multifamily programs.

Recent revelations that Ally Financial and Chase Home Mortgage may have been cutting corners on their foreclosure paperwork have sent the servicing industry into a panic, with new concerns being raised about massive delays in foreclosure times and a reduction in company ratings.

One of the most important aspects of selling bank-owned properties is to “know your assets,” according to David Brown, vice president, director of REO at First Horizon National Corp., Memphis, Tenn.

With Fannie Mae and Freddie Mac now requiring that all mortgage servicers review how they handle foreclosures, more questions are being raised about the impact that potentially invalid affidavits will have on the foreclosure process, on servicers and the industry overall.

House speaker Nancy Pelosi is urging the Department of Justice to launch an investigation into the handling of delinquent mortgages, loan modifications and foreclosures by banks for possible violations of laws and regulations.

Educational collaboration is a goal Mortgage Contracting Services LLC aims to expand through free summits across the country. And municipalities are the center of their attention.Following the success of its first session held in Frisco, Texas, the firm said it planned to host additional mini-summits in locations where executives travel to attend scheduled tradeshows and other industry events to ensure higher participation.

Bank of America Home Loans – the nation's third largest wholesale lender – said it will cease originating mortgages through loan brokers immediately, calling it a "strategic decision," allowing the company to focus on retail lending.

Moody's has placed on review for possible downgrade the servicing quality ratings of Bank of America, which recently halted certain foreclosures in 23 states.