Servicing

Phoenix-based Arizona State Credit Union said it has accepted 167 applications for the Home Affordable Refinance Program in its efforts to help underwater homeowners obtain more affordable mortgages.

The loss of revenue from the naming rights of the Kodak Theatre is negatively impacting the commercial mortgage-backed security that includes a mortgage for the renamed Hollywood and Highland Center, according to a report last week by analysts at Deutsche Bank Securities.

HSBC's residential lending and servicing business continues to be under what the bank calls a "strategic review," leaving its mortgage workers in limbo.

Despite being ranked by LendingTree as two of the worst housing markets in the nation, recent data show that Florida and Illinois are on a positive track towards a recovery.

Is the 'flow' servicing market poised for a revival? Well, not exactly, but there are signs of life in the sector, where an originator pledges to sell mortgage servicing rights to a buyer on a regular basis.

Residential lenders originated $16.5 billion of FHA-backed single-family mortgages in February, a nearly 10% decline from the prior month as the home purchase market slowed.

If you're looking for the missing piece to the mortgage "deconsolidation" equation, its name is Wells Fargo. Never before in the annals of residential finance has one company amassed such an enormous market share in lending (27%) and servicing (20%).

Wells Fargo's origination business has been operating at full steam, keeping the company’s mortgage servicing assets well above a cap proposed under Basel III. A new servicer compensation system could resolve the issue, but something has to give.

The Securities and Exchange Commission has accused Wells Fargo & Co. (WFC) of failing to produce documents relating to an investigation of the bank's mortgage-backed securities. Wells called the SEC's subpoena enforcement action "inappropriate and unwarranted."

The Federal Housing Finance Agency has a "healthy skepticism" about whether its REO bulk sale initiative will work, according to Meg Burns who's in charge of the sale.