Servicing

For those of you who doubted my thoughts on mortgage deconsolidation, I forgive you. But it had to happen—deconsolidation, that is.

Mortgage brokers and bankers have been waiting anxiously for the Consumer Financial Protection Bureau to issue its loan officer compensation rule. This is the rule where the agency convened a ‘Small Business’ panel in the spring to weigh in on compensation and lender education issues. Needless to say, few in the industry came away happy with what was told to them by the agency.

Since agreeing to a consent order with federal regulators last year, Wells Fargo has embarked on an aggressive plan to implement new loss mitigation strategies and improve upon existing practices.

Fannie and Freddie are developing enhanced and aligned strategies for facilitating short sales and deeds-in-lieu of foreclosure and deeds-for-lease in order to help more homeowners avoid foreclosure

With the numerous program guidelines, strategies and other challenges facing mortgage servicers, the ability to rapidly develop and deploy technology is crucial for current and future loss mitigation efforts, according to a panel at the National Mortgage News “Best Practices in Loss Mitigation” Conference in Dallas.

SunTrust Banks reported mortgage production income of $103 million for the second quarter, compared with $63 million in 1Q12 and a mere $4 million in 2Q11.

Treasury paid participating mortgage holders and investors $42 million in incentive payments for principal reductions totaling $4.68 billion as of April 30.

Cardinal Financial Corp. earned $10.2 million in the second quarter, with its mortgage banking division contributing net income of $4.4 million.

Correspondent One, which aims to be a major buyer of closed mortgages from nonbank lenders and others, has launched and is now in the process of closing some of its first transactions.

Patterns in the private student-lending industry are dangerously similar to those seen in the housing market prior to its collapse, according to a new study from the Consumer Financial Protection Bureau.