Servicing

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.

The long-term rate-indicative 10-year Treasury yield Monday fell once again to another low for the year following the release of a weaker than expected reading on a homebuilders index.

Foreign investors' net purchases of agency mortgage-backed securities continued to trend upward in June, rising to $20.4 billion from $17.3 billion in May and $10.5 billion in April, according to a report by Credit Suisse.

Fannie Mae is assuring lenders they don't have to pull a new credit report before closing, but they do have a responsibility to ensure the borrower can repay the mortgage.

Ginnie Mae is raising its net worth requirement for mortgage-backed securities issuers, requiring them to meet bank-like capital standards.

Critics of the government's HAMP program are blaming the Treasury for failing to take into account the massive debt of defaulted mortgage borrowers.

Credit Suisse expects mortgage repurchase demands to remain strong throughout the remainder of the year, but believes the worst of it might be over when 2010 ends.