Servicing

Problems related to loan servicing dominate the consumer complaints about mortgage companies made to the Consumer Financial Protection Bureau, but an agency official expressed optimism about the industry's response to these grievances.

One in three struggling homeowners who received a loan modification through the Home Affordable Modification Program ultimately redefaulted on those loan.Meanwhile, the program that was supposed to help some 4 million families avoid foreclosure has helped only a fraction of that amount, according to a report presented to Congress.

Low mortgage rates and moderating home price growth made December the fourth consecutive month to feature improved market stability, according to a report by Freddie Mac.

Genesis Capital, which lends to investors in distressed single-family properties, will soon have a fresh source of leads for new business.

Panelists at the MBA's mortgage servicing conference said that the best way for servicers to keep federal regulators off their backs is to be responsive consumer complaints. And if a state attorney general or regulator come knocking, it’s best to be responsive and cooperative.

Walter Investment Management Corp. has emerged as the favorite of investors following a year of investigations of the top three nonbank mortgage servicers.

The mortgage delinquency rate fell to the lowest in more than seven years in the fourth quarter as the improving job market and stricter lending standards kept more borrowers current.

Foreclosure starts in January rose to their highest level in 13 months, even as the national mortgage delinquency continued to fall, according to data from Black Knight Financial Services.

The Mortgage Bankers Association's annual servicing conference opened with a plea from Quicken Loans CEO Bill Emerson for executives to remember their duty beyond collecting loan payments from borrowers.

The heightened regulatory environment for servicers has also prompted a wave of process improvements.