Servicing

In a recent ruling, the 6th Circuit Court of Appeals determined that mortgage servicers have the right to protect and maintain their collateral interest in defaulted and foreclosed properties prior to the property going to sale—validating the work field service companies perform.

The Federal Housing Finance Agency is expanding its on-site examination teams at Fannie Mae and Freddie Mac to monitor their servicing activities while taking a closer look at risks posed by counterparties.

A Mortgage Bankers Association analysis of data from the Federal Deposit Insurance Corp. shows that commercial and multifamily mortgages "have fared better through the credit crunch and recession than any other major type of loan held by banks and thrifts" in some respects.

Walter Investment Management Corp. lost $4 million in the fourth quarter and $69 million for the year because of costs tied to its purchase of Green Tree Servicing, St. Paul, Minn.

Home prices fell 1.2% in January, following a 1% decline in December, according to preliminary figures compiled by Lender Processing Services.

The 9.37% CMBS delinquency rate in February was lower both sequentially and compared to year-ago monthly figures by Trepp LLC's measure, but the company notes that whether this is a true sign of improvement depends in part on the fate of paying loans that are past their maturity date but have not yet been modified, refinanced or foreclosed upon.

Some prepayment reports are showing certain agency MBS speeds are picking up a bit, and at least one suggests that new FHA mortgage insurance premium changes could have a slight, mixed effect on Ginnie Mae bonds going forward.

So, which presidential candidate knows the most about mortgage banking? Newt Gingrich who gave invaluable advice to Freddie Mac, telling that GSE to avoid subprime acquisitions? (If only, Freddy had listened!)

Radian Guaranty Inc. did $2 billion in primary new insurance written in February, which is the fifth consecutive month the company has written at least that much volume.

LenderLive Settlement Services, Denver, is moving into the foreclosure/real estate owned title space through its acquisition of MoKan Title Services LLC, Kansas City, Mo.