Servicing

The consumer default rate on first mortgages declined by six basis points in February from January and by 43 basis points when compared with February 2011, the S&P/Experian Consumer Credit Default Indices showed.

Congress has restored a housing counseling fund for the U.S. Department of Housing and Urban Development after eliminating it in 2011 and at almost half of the $88 million approved during the first two years of the Obama administration. Now HUD officials worry about the amount of settlement dollars to be used for counseling.

Dan Magder, a director of acquisitions for Lone Star Funds, has quit the investment firm to focus on what he calls a "REO-to-rental investment opportunity."

The Federal Housing Finance Agency had sharp words early this week for state and local governments that have passed laws meant to help homeowners facing risk of foreclosure.

There is a significant disconnect in the jumbo mortgage space between the primary and the secondary markets. Since the implosion of financial markets in the fall of 2008 the once-thriving and vibrant non-agency MBS market has evaporated. Despite some attempts to resuscitate the jumbo secondary, the gulf between investor needs and what consumers want remains large.

A joint venture was reached for Real Pro Systems to use America's Home Rescue short sale training for real estate agents and escrow officers through its Real Estate Masters Guild division.

Fannie Mae has priced its third multifamily DUS REMIC of the year, a $767 million deal that is notable in that it is the first ever to have separate tranches backed by both seven-year and 10-year collateral.

Since the start of the financial crisis in September 2008, mortgage companies and banks have foreclosed on roughly 3.3 million homes with no end in sight.

Wells Fargo is already contacting borrowers who might be eligible for a principal reduction as required under the $25 billion robo-signing settlement with state and federal law enforcement agencies.

Not only is PennyMac cranking up its correspondent lending platform, but the publicly traded REIT also plans to be an aggressive bottomfisher in the mortgage servicing rights arena.