Servicing

Whether it is due to the weaker U.S. dollar, the large foreclosure inventory for sale, more favorable economic expectations going forward, or all of the above, Canadians are emerging as the largest group of foreigners purchasing residential property in U.S. Sun Belt states. And they do not mind buying foreclosures.

The government-owned Ally Financial sold $250 million of legacy mortgages last year, using the whole loan securitization market, according to a recent filing with the Securities and Exchange Commission.

In case you missed the story on the National Mortgage News website, here's a headline for you: Some firms have the ability to make $10,000 per loan on HARP 2.0 loans. A nice chunk of that profit estimate is tied to secondary market pricing.

Foreclosure law firm Steven J. Baum P.C. and Pillar Processing LLC have agreed to a $4 million settlement with New York Attorney General Eric Schneiderman for conducting improper legal filings against distressed homeowners.

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Bank of America said it will offer a small number of customers facing foreclosure the option to remain in their homes and rent the property instead.

The Consumer Financial Protection Bureau late this week unveiled an interactive database with answers to consumers' frequently asked questions about financial products.

With profit margins on HARP 2.0 refinancings sky high, Wells Fargo & Co., is putting caps on the loan-to-value ratio it will accept from third-party lenders, National Mortgage News has learned.

Stonegate Mortgage, a fast-growing nonbank lender based in Indianapolis, has received a $25 million investment form private equity fund, Long Ridge Equity Partners, and plans to use the money to grow both its servicing portfolio and third-party lending channels.

In my opinion there is a significant disconnect in the jumbo mortgage between the primary market and the secondary market. What is fascinating is very little discussion or attention is being focused on this issue, at least from the perspective of what consumers want.