Servicing

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.

American Enterprise Institute resident fellow Ed Pinto—known for his harsh views on government intervention in housing—proposes targeted modifications for severely underwater borrowers who are current.

On July 17, a 26-count indictment was unsealed charging Eliseo Jara Jr., Sergio Jara, Antonio Perez Marcial, Lucia Yolanda Chavez, Arlene Jeanette Jara, Candace Shantel Gonzales, Joseph Shawn Chavez Jr., Melissa Rochelle Jara and Ricardo Fabian Salinas in a mortgage fraud conspiracy. The indictment was returned on July 12 by a federal grand jury in Fresno and the defendants were arrested at their residences on July 17.

For mortgage servicers, Basel III is a chief concern because it caps how much MSRs can count toward core capital.

It appears the nation’s residential servicers are doing a better job of processing mortgage payments.

As we’ve reported before, private equity firms have been eyeing the mortgage market for the past two years – in particular MSRs. But here’s the catch: although there has been plenty of ‘talk,’ no household name PE firms (if there is such a thing) have taken the bait.

The Prestwick Mortgage Group is marketing a $58 million package of MSRs backed by mostly multifamily commercial mortgages held by private investors.

Orrstown Financial Services sold $28.6 million of nonperforming commercial loans to an unnamed outside investor.