Servicing

WASHINGTON - Federal officials and state attorneys general released new documents Tuesday about the $25 billion multi-state servicing settlement, but still have yet to release a final settlement term sheet.

The Obama administration is urging Congress to extend a tax provision allowing troubled homeowners that complete a short sale -- or benefit from a principal reduction -- to avoid paying taxes on the discharged amount of their loan balance.

GA Keen Realty Advisors recently announced that the landmark H&H Bagels property in New York sold for $11 million at bankruptcy sale. The buyer of the property was not disclosed.

Radian Guaranty's delinquent loan inventory grew by 500 loans in December, but then fell by 1,000 units during January.

The Consumer Financial Protection Bureau is seeking industry and public comments on a prototype billing statement that residential servicers send homeowners to collect monthly mortgage payments.

The National Credit Union Association said Monday that a federal credit union may set the maturity date for modified or refinanced mortgages beyond the regulatory 40-year maturity limit, as long as the terms of the original loan were no more than 40 years.

Just how hungry is Ocwen Financial Corp. for servicing rights? In a new filing with the Securities and Exchange Commission the nonbank servicer discloses that it is currently reviewing $300 billion of MSRs for purchase.

In his recent State of the Union address, President Obama laid out a "Blueprint for an America Built to Last," calling for, among other things, action to help responsible borrowers and support a housing market recovery.

Bundled services never get out of fashion. Service demand indicates mortgage loan servicing process challenges from loan default to foreclosure management are carving out a new market for innovative default risk control and loss mitigation solutions.

Borrower engagement is opening the way to an equally engaging relationship between servicers and field servicers.