Servicing

DRI Management Systems, a Newport, Calif.-based default management software provider, has launched a new web-based loan servicing application called Rincon.

The Federal Deposit Insurance Corp. is expected to take final bids on the $23 billion AmTrust servicing portfolio next week with a sale coming by the end of September, according to investment bankers familiar with the offering.

Sales of single-family existing homes plummeted 27% in July from the previous month as the expiration of homebuyer tax credit sucked all the oxygen out of the market. The sales reading was the worst in 15 years.

California's Realtors have called on Gov. Arnold Schwarzenegger to sign legislation that extends -- in a narrowed manner -- the state's protections against deficiency judgments to homeowners who have refinanced their properties.

Thursday, Aug. 19, 2010 may not live on as a day of infamy in U.S. History. But it is destined to do so in the annals of South Florida real estate. That's the day lenders passed the 100,000 foreclosure threshold in the tri-county region.

As part of its disposal of U.S. consumer banking businesses, HSBC Holdings PLC is shopping HSBC Mortgage Corp. around. As with many yard sale offerings, the property's attractiveness is up for debate.

The expansion-minded MetLife Home Loans has hired two former executives from Sovereign Bank to manage its new warehouse lending division, National Mortgage News has learned.

A Fitch upgrade of Bank of America's stock is tempered by the depository's high level of non-performing loans and the potential for large numbers of mortgage repurchases due to representation and warranty issues.

While the call for the creation of a catastrophic insurance fund for mortgage-backed securities has been gaining ground in recent weeks, two leading Federal Reserve Board economists are poised to push the concept one step further, suggesting a backstop for all asset-backed securities.

WASHINGTON—Lenders are not only facing increasing loan-repurchase demands from Fannie Mae and Freddie Mac—but according to the GSEs, seller/servicers are falling behind on repayments.