Servicing

The Consumer Financial Protection Agency Friday issued two proposed rules designed to make mortgage servicing more consumer friendly, giving borrowers advanced notice of interest rate adjustments and how to avoid costly forced-placed insurance.

Average rates for 30- and 15-year fixed rate mortgages rose a bit in Freddie Mac’s latest weekly survey, and a significant rise in a key long-term rate indicative bond yield Thursday morning suggests they could continue to increase.

With less than two months before the annual Mortgage Technology Awards ceremony, the judges’ panel is pleased to announce the finalists for this year’s awards.

One in every 686 housing units nationwide either had a default notice, scheduled auction or bank repossession on their property in July.

How long will Fannie Mae and Freddie Mac stay this profitable? Answer: as long as their cost of funds (courtesy of Uncle Sam) stays at next to nothing, and the yield on their interest earning assets remains healthy.

The Federal Housing Finance Agency threatened Wednesday that it would take action against municipalities that attempt to use eminent domain to refinance underwater mortgages.

Residential delinquencies are on the rise again and trouble could be afoot in FHA foreclosures, according to new second quarter figures compiled by the Mortgage Bankers Association.

Rep. Scott Garrett (R-NJ), Chairman of the Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises, will be the keynote speaker at National Mortgage News’ 2nd annual Mortgage Regulatory Forum on Thursday, Sept. 13 in Arlington, Va.

CitiMortgage is selling $158 million of nonperforming loans to a joint venture that will be required to give underwater borrowers an option to rent the property if they cannot qualify for a loan modification.

Bank of America, as part of a continuing effort to reduce its residential exposure, is offering roughly $7 billion of mortgage servicing rights through what’s being called a ‘Barbell’ auction.