Servicing

The share of properties sold during the foreclosure process continued to drop in July as the housing market continued on strong footing, according to RealtyTrac.

The global market turmoil could be good for mortgage lenders if a further drop in long-term interest rates sparks another refinancing wave. It also could spell trouble for those that have not properly hedged their servicing rights.

Home prices rose 0.9% from May to June, according to Black Knight Financial Services' Home Price Index. Prices rose 5.1% compared to a year ago.

BlackRock Inc. is the latest company planning to finance investors who buy single-family homes, capitalizing on soaring rental demand as the homeownership rate sits at a five-decade low.

The mortgage industry completed 411,000 loan modifications in the second quarter that did not involve a foreclosure, a 7% decline from the previous quarter, according to the Hope Now organization.

The inventory of loans in foreclosure fell 24% in July to a rate of 1.4%, compared to a year earlier, Black Knight reported.

Mortgage professional hiring and new job appointments for the week ending Aug. 21.

Fannie Mae has announced the winning bidder for two pools in its second nonperforming loan sale, which includes roughly 3,900 loans carrying a total of $765 million in unpaid principal balance.

Ocwen Financial has partnered with several local organizations to sponsor seminars to help homeowners stay in their homes.

Banks have ramped up foreclosure activity in the past five months, with default notices, scheduled auctions and bank repossessions at their highest levels in two years. It's a positive sign that banks are finally clearing out all the distressed loans still lingering from the housing crisis. Meanwhile, banks remain cautious about new lending, partly because of regulatory actions.