Bank of America's residential primary servicer rating for home equity-related products has been upgraded from RPS1-minus to RPS1 by Fitch Ratings.The rating agency also affirmed at RPS1 BoA's residential primary servicer ratings for prime and alternative-A products. (Fitch rates residential servicers on a scale of 1 to 5, with 1 being the highest rating.) Fitch attributed the upgrade to "process improvements" in investor accounting, bankruptcy, and payoffs, and the completion of BoA's acquisition of the reverse mortgage business of the Seattle Mortgage Co. The rating agency also cited advancements in cash management and customer service.
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The Federal Housing Administration, the Department of Veterans Affairs and the Federal Housing Finance Agency have started gathering data and analyzing how climate risk will impact the housing ecosystem.
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A special committee is exploring any possible structural "strategic alternatives," which would be aimed at increasing shareholder value, the real estate investment trust said.
April 22 -
An insurance-indexed debt-to-income ratio could help mitigate borrowers' rising premiums, and help maintain a healthy servicing portfolio, experts said.
April 22 -
But the number of properties whose mortgage is more than 90 days late is at its lowest since 2006, ICE Mortgage Technology said.
April 22 -
Industry leaders expressed a high degree of satisfaction with technology in use, but also said a product's cost is the most important criteria for them when partnering with vendors, according to Fannie Mae research.
April 22 -
The top five loan officers produced an average of 628 loans in 2023.
April 22