Servicing

New York Attorney General Eric Schneiderman has introduced the Foreclosure Fraud Prevention Act of 2012 to the State Legislature that defines residential mortgage foreclosure fraud and imposes new penalties for those who intentionally engage in illegal activity within the state.

One thing you can always count on from Washington—there will be plenty of regulatory activity after a crisis happens rather than before when it might be useful.

A federal court panel said Bank of America can't consolidate multiple lawsuits involving losses suffered from the collapse of Taylor Bean & Whitaker and Colonial Bank in a multibillion-dollar fraud.

Is 68 years young the time to re-enter the wild and wooly world of mortgage banking? Answer: It is, if your name is Bill Starkey Sr. and you feel the current “down market” offers so much opportunity that it can’t be ignored.

Regardless of your position on the use of MERS as a nominee for the lender, creating a shared, accessible database of record is another reason why lenders and servicers have worked diligently to certify the accuracy of the data entered in the MERS database.

Franklin Credit Management Corp. has closed on the acquisition of a mixed performing and nonperforming loan portfolio with an aggregate unpaid principal balance of approximately $100 million.

Costco has started to offer mortgages through approved lenders and heavily marketing the program to its 68 million members.

As of April, the national shadow inventory was 1.5 million units, which represents a four-month supply.

Average fixed mortgage rates reversed course and inched up in Freddie Mac’s weekly survey, ending a run of record lows in recent weeks.

If CFPB is successful in killing nonbank brokers who’s to say the agency won’t go after nonbank servicers next? That would mean all those REITs buying MSRs might be in danger.