Servicing

Nonprofit Hope Now is estimating so far in 2010 the industry has completed about 975,000 permanent loan modifications, both government and private, getting close to the one million mark.

The economic crisis has taken a toll on U.S. commercial mortgage backed securities casting $92 billion into special servicing through the second quarter and rising concerns for the market's future performance.

The Dodd-Frank Wall Street Reform bill goes a long way toward addressing the issues that led to the meltdown of the private-label securities market, MBS pioneer Lewis Ranieri told the Treasury Department's conference on the future of the housing finance system.

PIMCO co-founder and co-CIO Bill Gross has called for merging all government mortgage programs into Ginnie Mae and providing a 100% guarantee on government loans.

The current financial crisis illustrates the need for the government to provide some form of support or guarantee for the mortgage market, Treasury secretary Timothy Geithner said at the start of a conference on the future of the housing finance system.

In recent months industry vendors and financial services executives —especially mortgage lenders and servicers —have shared a renewed focus on technology evaluation and selection.

The relevance of HAMP has already started to ebb and flow like a tide.Market insiders reiterate that servicers are moving their focus on how to assist borrowers outside of Home Affordable Modification Program even though future expectations also include some HAMP growth by yearend and beyond.

The Federal Reserve Board has issued a final rule regarding consumer notification when a homeowner's mortgage is sold or transferred.

In a surprise move, the Federal Reserve Board has issued a final rule that imposes restrictions on loan officer and mortgage broker compensation that is very similar to compensation language in the recently passed Dodd-Frank Wall Street Reform and Consumer Protection Act.

CoreLogic, Santa Ana, Calif., reports that --albeit modestly at 1.4% compared to 2009-- in June year-over-year U.S. home prices (including distressed sale prices) increased for the fifth consecutive month.