The servicing operations of Homecomings Financial will be integrated into the servicing operations of GMAC Mortgage Servicing, according to Residential Capital Corp., the Minneapolis-based parent company of GMAC Mortgage.The company said it will integrate primary, subservicing, and master servicing operations to form a debt service utility capable of managing any loan product as part for ResCap's domestic servicing portfolios. Tony Renzi, chief operating officer of ResCap's residential finance group, said the integration will add value for homeowners as well as investors and subservicing clients. He told MortgageWire that the integration of the Homecomings servicing operation should be completed by April 2007 and that ResCap does not currently plan to close any of its five servicing sites. ResCap anticipates doubling the size of the servicing portfolio (which totals $424 billion in loans) over the next five years, he said. ResCap can be found on the Web at http://www.rescapholdings.com.
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Ohio-based Liberty Home Mortgage joins several companies who started using a more modernized FICO credit score for nonconforming mortgage originations recently.
4h ago -
The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.
5h ago -
The plan that the Federal Housing Finance Agency floated calls for Freddie Mac to actively invest in some new closed-end seconds as cash-out refinancing subsides.
8h ago -
The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
10h ago -
Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
April 17 -
Net charge-offs at the Charlotte, North Carolina-based bank increased by more than 80% in the first quarter compared with a year earlier. BofA executives say that the rising losses were in line with the bank's risk appetite.
April 16