Servicing

MetLife has been quietly trying to sell its servicing rights for nine months now.

It's the MSR sale of the century. And the century is still young.

Independent foreclosure reviews at the major banks were meant to compensate wronged homeowners and restore some faith in the integrity of mortgage servicing. Instead, the process has become mired in questions of objectivity.

I have been putting out National Mortgage News for more years than I care to admit to and this issue, the Nov. 5 edition, is the hardest I’ve ever had to get out.

One of its highlights was technology, data and analytics where revenue rose 11% to $192 million. Its EBITDA margin was 26.7%, up 460 basis points from last year.

The National Association of Independent Housing Professionals has formally asked the Consumer Financial Protection Bureau to grant an extension on the filing of mortgage call reports for those in the FEMA disaster areas.

Some potential investors wanted to pay cash for the REO pools and take title to the properties right away but FHFA nixed the idea.

Only Citi and JPMorgan face the highest surcharge, while Bank of America, Bank of New York Mellon, Goldman Sachs and Morgan Stanley must hold 1.5% in extra capital. Citi, JPM and B of A are top five players in mortgage banking.

The government owned bank will fund jumbo mortgages through brokers and correspondents.

Are you a mortgage broker or a mortgage lender? As of August regulations required you to have an AML manual in place to check for and report not only money laundering but also suspicious activity.