Servicing

Higher repurchase demands trimmed Wells Fargo’s take from its mortgage banking unit in the second quarter, but net profit gains from residential lending and loan sales rose a stunning 200% from the same period a year ago.

JPM’s improved performance is tied to an increase in origination volumes and a decline in nonaccrual loans. In particular, the bank stressed that its retail/consumer mortgage volume hit a new record: $26.1 billion.

A federal judge sentenced Scott Eric Perry to 18 months in prison on false statement charges related to an almost $750,000 mortgage fraud scheme in the Birmingham area.

According to CoreLogic’s Negative Equity Report, nearly 17 million borrowers who were underwater by the end of the first quarter had loan-to-value ratios of 80% to 125%, which purely from an LTV perspective makes them eligible for the original Home Affordable Refinance Program.

A private company has proposed inducing local governments in the "test" state of California to exercise their power of eminent domain to seize, not houses or property, but the underlying liens.

The delinquent loan inventory at Mortgage Guaranty Insurance Corp. fell by less than 1,000 loans during June, as there were 154,973 loans in the inventory at the start of the month and MGIC received 11,200 new notices of delinquency in June.

Freddie Mac’s primary market survey shows the average 30-year FRM rate fell to 3.56% during the week ending July 12 from its previous record low of 3.62% last week.

Colony Capital LLC is one of the winning bidders on a Fannie Mae REO sale sponsored by the Federal Housing Finance Agency, according to bidders and other sources familiar with the matter.

Last summer rumors were spreading that a private equity firm had amassed $1 billion in cash and was eyeing investments in mortgage banking firms. A year later it appears that no such deals were struck by the unnamed fund, but that hasn’t stopped the talk about PE firms still looking at the sector.

Foreclosure activity fell 8% in the second quarter from a year ago due to a decline in bank repossessions, according to RealtyTrac’s midyear foreclosure market report.