Servicing

U.S. Bancorp saw its mortgage banking revenue more than double in the first quarter, originating roughly $19 billion of residential loans, according to figures released Tuesday.

For Residential Capital Corp. the shinola hit the fan on Tuesday. Early this morning ResCap filed a notice with the SEC saying it missed a scheduled payment on its debt Tuesday, laying the ground work for an eventual default - that is, if the payment is not made up within 30 days.

The residential mortgage division of Ally Financial Inc. missed a scheduled payment on its debt Tuesday, laying the ground work for an eventual default if the payment is not made up quickly.

Some regulators are using the state-run National Mortgage Licensing System to ride herd over more than just the mortgage business.

Private-label residential MBS interest shortfalls and liquidity disruptions that Standard & Poor's has been observing are likely to continue for some time, a credit analyst said in an online broadcast.

Median home prices in California for March saw their first rise in 16 months on a year-over-year basis -- at 1.6% -- while the 9.2% increase from February was the largest sequential gain in almost eight years.

Improved asset quality and declining expenses powered Washington Federal in Seattle to a $34 million profit in the quarter that ended March 31, a 32% increase from the same period in 2011.

Bank of America is preparing to sell off hundreds of foreclosed homes in bulk as part of its ongoing effort to clear out its inventory of distressed assets.

Bank of America wants to clear out the backlog of distressed homes in Florida by using technology to speed up short sale approvals.

Rumors are starting to surface that if and when a 'HARP 3.0' program is unveiled it will include non-GSE loans. As one commenter told us, "There are a lot of Alt-A loans that look just like GSE loans, but went to private investors. Why should they be punished because their loan was sold to the wrong investor?"