Servicing

Despite a substantial reduction in mortgage banking revenue during the third quarter, U.S. Bancorp’s overall net income remained flat on a yearly basis.

The August Federal Housing Finance Agency Refinance report also shows Home Affordable Refinance Program refinancings have dropped by 36% over the same four-month period.

Bank of America, JPMorgan Chase, Citigroup and Wells Fargo got credit for providing $15.4 billion in relief to roughly 420,000 underwater borrowers last year, according to the settlement monitor.

Citigroup has nearly $20 billion in home equity lines of credit and it is preparing for the worst when borrowers must start paying back the home equity loans.

The Consumer Financial Protection Bureau finalized clarifications Tuesday to its mortgage servicing rules in an effort to ease concerns servicers had about communicating with struggling or bankrupt borrowers who invoke certain legal protections.

The Michigan State Housing Development Authority is investing millions in a statewide campaign that will demolish some of the state’s 78,000 vacant and abandoned properties.

Massella is moving over to Envoy from Caliber Funding, where he was senior vice president of wholesale lending.

BankUnited is making strategic commercial property investments in New York.

Analysts at Keefe, Bruyette & Woods are forecasting that originations at traditional mortgage banking firms declined in the third quarter while large publicly traded specialty servicers will show strong origination volumes.

Citigroup reported a $3.23 billion profit that missed analysts' estimates as bond trading slumped 26% and U.S. mortgage revenue declined.