Servicing

Ocwen Financial hired industry veteran Jill Showell as its senior vice president for government and community relations.

The first baseline report detailing progress under the $25 billion servicing settlement will be issued by the end of the month, according to the independent monitor appointed to oversee the agreement between five major servicers and 49 states.

Impac Mortgage Holdings originated $532 million of residential loans in the second quarter, a 135% gain from the same period a year ago as its business continued to grow at an impressive clip.

A Home Affordable Modification Program report shows that 75% of non-government-sponsored enterprise borrowers entering the program in June received some form of a principal reduction.

Small servicers that already operate on razor-thin margins would essentially be subject to many of the same requirements that came out of the $25 billion mortgage settlement struck early this year between regulators and the five largest bank servicers.

Stabilizing fundamentals and favorable performance so far this year has reduced Fitch’s concerns over potential losses for life company mortgage investments.

RealtyTrac, a Web-based foreclosure database firm, appointed Jamie Moyle as chief executive officer.

National Mortgage Insurance Corp. is the second new mortgage insurance firm to emerge in the past three years, the other is Essent Guaranty, which has backing from Goldman Sachs.

So far this year, 39 banks have shut down. This is down substantially from 61 and 108 that closed during the same time period a year ago and through July 2010, respectively.

Chicago Mayor Rahm Emanuel on Tuesday shot down the idea of using eminent domain to seize underwater mortgages.