Servicing

Beech Street Capital, a mortgage banking company engaged in originating, underwriting, closing and servicing multifamily loans for apartment buildings and manufactured home communities, has provided a $9.5 million Fannie Mae conventional loan to acquire Oak Grove Apartments, a 369-unit apartment complex located in Miami.

SunTrust Banks Inc., which has already lost hundreds of millions after repurchasing bad mortgages, could lose up to $150 million as it deals with the cost of mortgage-servicing problems.

HUD is increasing its enforcement efforts to recoup millions of dollars in losses on improperly underwritten FHA-insured loans, holding lenders accountable for their actions, Housing secretary Shaun Donovan told a Senate panel Tuesday morning.

Boston-based Highfields Capital Management, which owns a 7.7% stake in CoreLogic, accused CoreLogic's board of directors' "desire to maintain control rather than doing what is in the best interest of shareholders."

Lack of awareness and education reign supreme topping the list of reasons why historic low mortgage rates, government-supported programs and large inventories of affordable foreclosures are not increasing refinancings and modifications. Given the complexity of the mortgage process homeowners are not taking full advantage of the wisdom gained during the foreclosure crisis.

Single-family originations by commercial banks and savings institutions jumped 23% in the fourth quarter as refinancing activity accelerated from the prior period, according to new figures released by the Federal Deposit Insurance Corp.

The Servicemembers Civil Relief Act was introduced in 2003 as a way to protect active military personnel from certain civil actions. To comply with SCRA, servicers rely on field service companies to provide additional assistance through borrower outreach.

The general media – TV especially – sometimes avoids letting the facts get in the way of a good story. Indeed, crimes of greed and stupidity were committed on Wall Street and by dozens of nonprime retail loan officers and brokers who upstreamed billions of dollars in questionable loans to Wall Street for securitization.

eWarehouseOne, Newport Beach, Calif., is exploring the idea of financing the purchase of mortgage servicing rights, a business that has been mostly dormant during the housing crisis.

At Home Preservation Workshops, Wells Fargo home retention specialists have met one-on-one with more than 24,000 customers facing mortgage payment challenges