Servicing

PennyMac Mortgage Investment Trust has entered into a repurchase agreement with Bank of America to finance roughly $550 million in newly originated mortgage loans, though its subsidiary PennyMac Operating Partnership.

Mortgage-bond buyers, facing a supply shortage as their market shrinks and trading slows, get a chance tomorrow to bid for securities at the largest auction of its type since at least 2010.

The Justice Department's $7 billion deal with Citigroup is likely not the last big government maneuver to penalize banks for faulty mortgage-related practices leading to the financial crisis.

The Federal Home Loan Bank of Chicago is launching a pilot program soon to buy home loans and issue Ginnie Mae securities. The program could allow community banks and credit unions to stay in the mortgage business.

The improvements in CMBS delinquency rates could reverse, the ratings agency cautioned, if applications for large servicing transfers and loan modifications are declined in the coming month.

“Under the terms of this settlement, the bank has admitted to its misdeeds in great detail,” U.S. Attorney General Eric Holder said.

Wells Fargo executives said they support federal regulators' effort to expand mortgage credit availability but cautioned that it will produce little benefit for the bank's, or the industry's, bottom line.

Fiserv and ChannelNet have added a feature to LoanLink, their borrower self-service tool, that lets distressed consumers apply online to restructure their mortgage or installment loans.

Reps. John Delaney, D-Md., John Carney, D-Del., and Jim Himes, D-Conn., introduced a new housing bill Thursday designed to provide an explicit government backstop for the market but still increase private sector participation.

Whether it's the CFPB, a state regulator or a financial auditor coming to visit, here are some tips on getting your shop ready for the checkup.