Servicing

A unit of Pentagon Federal Credit Union, Alexandria, Va., has acquired Exit Slater Realtors in San Antonio to provide real estate services in the Texas market.

Freddie Mac recently listed five ways that lenders can avoid loan repurchases, laying plenty of blame for underwriting defects squarely on the shoulders of management at banks and mortgage lenders.

Fitch Ratings has upgraded the servicing status of Residential Credit Solutions, Ft. Worth, Texas, saying the firm can "effectively manage and liquidate" nonperforming loans and real estate.

Some good news emerges from the home equity credit market, which given historic high delinquency rates and negative equity concerns are both unexpected and welcome.

Mortgage fraud is a serious problem - still. Of course, credit standards are much higher today than a few years ago, and it is difficult for a borrower to obtain a mortgage by fibbing about his income or otherwise doctoring his loan application. But where there is a will to defraud, fraudsters will find a way.

Collecting payments is a big part of servicing, which is why it cries out for automating. To this end, CCG Catalyst, a bank consulting firm providing strategic guidance for financial organizations, is offering Payment Strategy services to help financial institutions boost profitability through the more efficient management of payment processes and systems.

PHH Corp. could have to writedown the value of its mortgage servicing rights by between $150 million and $200 million in the second quarter of 2010, according to an analyst's report from FBR Capital Markets.

Fortress Investment Group LLC, New York, has agreed to acquire CW Financial Services, a servicer, special servicer and originator of commercial and multifamily real estate loans, from majority shareholder Otéra US Holding Inc.

Long-term primary market mortgage rates tracked by Freddie Mac have hit more record lows and with the benchmark 10-year Treasury yield just above 2.9% shortly after noon Thursday there could be more ahead—depending on what employment numbers set for release on Friday are like.