Servicing

Dale Palmer admitted that his business experienced serious cash flow problems and he was “very poor” at managing his cash flow issue.

FCI is the nation’s largest specialty servicer of private money loans, much of it backed by real estate.

When the winning bid for Residential Capital Corp. was unveiled, there was palatable fear among ResCap’s servicing employees that their jobs might be at stake because Ocwen is well known for housing most of its servicing workers in India and Ecuador.

In fiscal year 2012 mortgage bankers funded $119 billion of VA-backed loans, up from $75 billion in FY 2011.

Regulatory guidance that requires banks to write down the value of mortgages to collateral value in cases where the borrower has been through bankruptcy was a factor in the TCF's earnings.

Consumer credit defaults reached new lows in September that were last seen prior to the recession, according to data released by S&P Dow Jones and Experian.

It appears that Bank of America is cranking up the MSR selling machine. Big time.

Now that Residential Capital Corp. has auctioned off its $374 billion of servicing contracts, it’s Ally Bank’s turn to unload its MSRs.

One thing we learned from the crash of 2008: American businesses, when they so choose, can lay off workers at warp speed.

If Congress allows the mortgage forgiveness debt relief provision in the tax code to expire on Jan. 1, distressed borrowers could get hit with a tax bill.