Servicing

The classic 1895 science fiction novel The Time Machine by H.G. Wells allowed travel to the past and future. According to the most recent Case-Shiller study, home prices have now 'traveled' back to 2003 levels. This represents a 3.7% drop in overall prices since November 2011.

Mortgage servicers continue to modify 25,000 loans a month under the government's HAMP program, but that pace could pick up later this summer as new changes to the effort kick in.

PHH Corp. reported a GAAP profit of $13 million in the fourth quarter, but posted a GAAP loss of $127 million for the full year. Its core earnings, a measurement which among other things removes changes in the fair value of derivatives related to mortgage servicing rights, was $55 million for the quarter. For the full year, the company said using the core earnings measure, it had a profit of $182 million.

Yes, thousands of consumers have been wronged by residential servicers that cut corners on their foreclosure paperwork and decided to 'robo' away their workload. But does a consumer who was in arrears deserve to get his house back? It's a question the general media has yet to ask and at the same time it's a difficult question.

DocX and its founder Lorraine Brown have been indicted by a grand jury in Boone County, Mo. for alleged forgery of mortgage documents used to evict distressed borrowers from their homes.

County recorders in New Jersey will now be required to accept electronic documents, following the recent enactment of a bill to modernize the land recording process.

The long list of issues to be discussed at the MBA National Mortgage Servicing Conference in Orlando includes new government regulations, how are the servicers adjusting their processes to remain in compliance, technology that improves operational processes, and how to ensure sensible property valuations, which according to Susan Allen, one of the conference speakers, is key to mortgage servicing.

A recent Moody's Investors Service report found that securitized commercial mortgage credit quality in the fourth quarter of last year was largely the same as it was in the previous quarter, but that there was a mix of risks and credit positives that produced that stability.

Multifamily's high delinquency rates relative to other property types stems largely from loans on rent-stabilized New York properties and other loans in this category have had had a better track record when it comes to performance, according to Fitch.

Things generally have been looking better for commercial mortgage-backed securities, but those investing in the space should consider the nuances involved as well as the big picture.