Servicing

MountainView is brokering a $3.6 billion nonrecourse package of Fannie Mae mortgage servicing rights with a high refinance loan concentration.

Mortgage industry hiring and new job appointments for the week ending June 1.

Citizens Bank's $511 million acquisition of Franklin American Mortgage will beef up the bank's servicing portfolio and diversify its origination business at a time when higher interest rates have put a damper on refinance volume.

There are almost 7 million coastal homes facing more than $1.6 trillion in potential storm-surge reconstruction expenses this year, representing a 6.6% cost increase from last year's hurricane season.

Fannie Mae is warning mortgage lenders and servicers about possible fraud schemes in Los Angeles County involving "34 apparently fictitious employers being used on loan applications."

The ability-to-repay standard is responsible for the reduction in loan application defects over the past four-plus years, according to First American Financial.

Although mortgage default risk remains very low, it was the only category of consumer lending to experience increases both sequentially and year-to-year in VantageScore's latest update to its index.

A mortgage loan officer from Methuen, Mass., faces six months behind bars for her role in a conspiracy to defraud banks and mortgage companies.

Mortgage industry hiring and new job appointments for the week ending May 25.

Gary Klopp of Nottingham, Md., was ordered to pay more than $525,000 and temporarily barred from working in the mortgage industry by a U.S. District Court judge for violating a previous court order, according to Maryland Attorney General Brian Frosh.