Servicing

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.

The Prestwick Mortgage Group is offering investors a GSE 'flow' servicing arrangement that could be as large as $720 million per year in MSRs.

Richard Cordray, director of the Consumer Financial Protection Bureau, told a group of business journalists Friday that he is looking forward to being held accountable by them. Moments later, he was defending the agency's power.

An appellate court decision earlier this month would provide a new avenue for borrowers to file suit against mortgage servicers that deny permanent modifications under the Home Affordable Modification Program.