Servicing

Every housing market investor has a certain mindset that guides decisions as to where to put their money, why, and when. Optimally, this "investment mentality" is not concerned with consumption or waste, but rather is focused on how to minimize risk and multiply hard earned dollars.

Swamped by huge volumes of delinquent mortgages, servicing managers at Bank of America, and Wells Fargo & Co. placed heavy pressure on staff to speed up handling of documents used to process foreclosures without properly reviewing their work, according to HUD audits released Tuesday.

The Lawyers’ Committee and counsel Davis Polk & Wardwell filed a lawsuit this week in New York Supreme Court in Nassau County on behalf of 18 homeowners claiming that a network of for-profit loan modification companies are conducting a fraudulent scam.

Kenney Funding recently completed two transactions on a retail property in Oklahoma and a residential condominium in Illinois.

MG Properties Group, a private San Diego-based real estate investor and operator, acquired Manzanita Gate Apartments, a 324-unit multifamily property in Reno, Nev., for $27 million.

First Guaranty Mortgage Corp. has inked a deal to use MortgageKeeper Referral Services' MKDesktop to connect its customers with local resources to help ease their financial struggles.

This week's congressional agenda features two hearings on housing, and a panel in San Antonio looking at the impact of new regulations on Texas lenders.

When faced with a national issue like the housing crisis, there are times we need to put aside the arguments about who to blame and who should bear the cost so that we can focus on an immediate issue that must be addressed soon in order to help maintain the recovery from the negative impacts the crisis has imparted on all participants.

Industry veteran Luke Hayden, who took over as president of PHH Mortgage less than two years ago, resigned from the firm this week to pursue what the company calls "other interests."

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.