Servicing

Bank of America Corp.'s Countrywide unit was ordered to pay $1.3 billion in penalties for defective mortgage loans sold to Fannie Mae and Freddie Mac in the run-up to the 2008 financial crisis, a little more than half of what the federal government had requested.

The legislation, sponsored by Rep. Blaine Luetkemeyer, R-Mo., would delay implementation of a provision of Basel III capital rules that establishes higher requirements on mortgage servicing rights.

Varde Partners completed the issuance of $290 million in notes secured primarily by real estate loans and assets.

In June the unpaid principal balance of Freddie Mac's total mortgage portfolio declined 2.6% from a year earlier, to $1.89 trillion, as total purchases shrank by almost half.

Independent Bank Corp. reported lower second-quarter earnings as income related to mortgages fell dramatically.

The CFPB and other regulators are showing an increasing appetite for big data. The HMDA database may be the biggest in the mortgage business and a preview of the upcoming dataset may give lenders a chance to stay one step ahead of the feds.

Patrick Sinks is taking the reins at MGIC as the mortgage insurer faces tougher capital standards and a more competitive field where his company is no longer No. 1.

Acquiring the technology vendor would help Altisource build a marketplace for ancillary mortgage services and reduce the company's reliance on its former parent and top client, Ocwen.

Since PHH is now a pure-play mortgage company, it made sense to have just one executive running the business, industry experts said.

Regions Bank in Birmingham, Ala. has been approved as a Fannie Mae Delegated Underwriting and Servicing multifamily lender and acquired the servicing on a $1 billion Fannie apartment loan portfolio.