Servicing

Many housing markets could see a stronger recovery two years from now, even though the latest forecast for the coming year shows only modest ones, according to one forecast.

With the stock market getting pounded on Wednesday, the yield on the 10-year Treasury fell to 2.89%, a level not seen in more than a year.

Property preservation company Mortgage Contracting Services is currently tracking over 500 enacted code compliance related ordinances and disaster notifications.

These ordinances consist of city and state ordinances, including vacant property registration as well as FEMA disaster notifications.

One state law to note is the Colorado "fast track" foreclosure bill, which expedites the foreclosure process on vacant, abandoned properties.

Mortgage vendor CoreLogic, Santa Ana, Calif., on Wednesday unveiled its WillCap product, a decisioning system that can predict a distressed borrower's willingness and capacity to make mortgage payments.

President Obama Wednesday morning signed the Dodd-Frank Wall Street Reform bill, which will transform the regulation of financial services and the mortgage industry over the next three years as new rules are issued and implemented.

Drawn into the market by record low rates, refinancing applications are now at their highest level since last spring and are driving the increase in this week's Mortgage Bankers Association Market Composite Index.

Wells Fargo & Co. funded $81 billion of home mortgages in the second quarter, a 38% decline from the same period last year, but enough to best its top rival in home lending, Bank of America.

Mortgage Industry Advisory Corporation, New York, is selling a $1.66 billion bulk package of residential servicing rights collateralized by loans guaranteed by Freddie Mac.

HAMP servicers completed 51,200 permanent modifications in June, a 7% improvement from May, but also dropped a record 91,100 borrowers in payment trials from the program.