Servicing

The U.S. Attorney's Office for the Eastern District of California has indicted Robert Farrace of Modesto, Calif., on charges of wire fraud in connection to a short-sale scheme.

Mortgage professional hiring and new job appointments for the week ending June 19.

The number of homes classified as serious delinquencies fell 2% from March to April, as industry players continue to use short sales and other techniques, according to the advocacy group Hope Now.

A flood of ex-homeowners may be ready to re-enter the mortgage market over the next five years, according to a TransUnion report.

Radian Group in Philadelphia has agreed to purchase $389 million of its convertible senior notes.

The deal, called New Residential Mortgage Loan Trust 2015-1, is the company’s first of the year; it completed three last year.

When the next wave of REO activity hits, it will be heavily influenced by some of the leftover problem loans from the last downturn, as well as new defaults from more recent originations.

RealtyTrac reported 126,868 foreclosure filings last month, the highest level of activity in 19 months, driven mainly by bank repossessions and a 5% year-over-year increase in scheduled foreclosure auctions.

Six servicers were cited for a range of infractions, including a failure to respond to requests for loan modifications and not doing enough to prevent foreclosures. Punishment was harsh for Wells Fargo and HSBC, which are banned from acquiring mortgage servicing rights and entering into new servicing contracts.

Lenders continued to refinance mortgages through the Home Affordable Refinancing Program in April, the Federal Housing Finance Agency reported.