Servicing

Mary Armstrong, an unlicensed mortgage broker, Teresa Rose, a real estate agent, William Fountain, Armstrong’s assistant, and Justin Mensen were all charged with conspiracy to commit wire fraud and to launder money.

Lenders Compliance Group is using Veros Real Estate Solutions' collateral integrity analysis product for prefunding and post-closing audits, early payment defaults, high default due diligence, as well as warehouse bank and portfolio reviews.

While Fitch believes that housing trends may see some stabilization, further weakening could result in a reversal in mortgage reserve releases or provisioning.

Programs help qualified homeowners prevent foreclosure because of unemployment, underemployment, catastrophic medical costs, divorce and other life-changing events.

With servicing multiples as low as they’ve been over the last 18 months, the head of Edison, N.J.-based Real Estate Mortgage Network Inc. has decided to take advantage of the situation, growing its portfolio by starting a correspondent lending division. The new unit will operate out of its new Irvine, Calif. wholesale fulfillment center.

Merscorp Holdings will provide the state of Delaware’s Department of Justice Consumer Protection Unit a semi-annual report detailing results of its internal audits.

A recent Fannie Mae multifamily DUS REMIC that had two additional types of tranches not normally included in past deals brought in a slightly higher percentage of new investors than usual.

Impac Mortgage is entering the reverse mortgage lending business on a retail basis in the Southwest with plans to expand it later on.

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.