Servicing

The Prestwick Mortgage Group offering of the servicing rights on mortgage loans with an unpaid principal balance of $187 million is getting closer to deadline.

The PGA Design Center in Palm Beach Gardens, Fla., which backs a securitized $30 million mortgage sold for only $5.6 million, according to local media reports.

Through December, 31% of residential properties in the foreclosure process now have some equity.

This past year, most lenders experienced significant demand for mortgage products, driven by low rates and high refinance activity.

Competition is likely to heat up given that companies show more optimism about their individual production than that of the market as a whole, a Mortgage Bankers Association survey shows.

The Mortgage Industry Advisory Corp. has named MDS principal Kent Loehrke a managing director as a result of the acquisition.

In December inventory shortages continued to drive down home sales an additional 3.5% on a year-over-year basis, says the Seattle-based online broker.

Since its inception in 2010, the Consumer Financial Protection Bureau has implemented wide-ranging changes to the rules and regulations governing financial institutions and other entities operating in the financial arena.

The bureau is putting pressure on servicers to do a better job.

Taylor Bean & Whitaker Mortgage Corp. and Home America Mortgage resolved allegations that they falsified loan applications and misrepresented qualifications of applicants to secure federally funded insurance for home loans that ultimately defaulted.