Mortgages

The Prestwick Mortgage Group will auction off a $13 million portfolio of bulk Freddie Mac residential servicing rights owned by a national bank.

Sen. Chuck Grassley took the Justice Department to task Wednesday for its fair lending settlement with Countrywide Financial Corp., saying it will have minimal economic impact for affected borrowers.

In a recent ruling, the 6th Circuit Court of Appeals determined that mortgage servicers have the right to protect and maintain their collateral interest in defaulted and foreclosed properties prior to the property going to sale—validating the work field service companies perform.

Analysts and company executives are optimistic about Ellie Mae's 2012 prospects after the loan origination system vendor beat internal projections and Wall Street estimates for the fourth quarter and full year 2011.

Investors are lining up to get their hands on the thousands of government-held foreclosed homes, either to fix up the houses for resale or to hold the properties as rentals. But in a sort of if-you-can't-beat-them-join-them scenario, some builders are putting up brand-new houses as rentals.

The Federal Housing Finance Agency is expanding its on-site examination teams at Fannie Mae and Freddie Mac to monitor their servicing activities while taking a closer look at risks posed by counterparties.

Axia Home Loans, Bellevue, Wash., a $1 billion a year producer, has hired Keith Frachiseur as its new president.

A Mortgage Bankers Association analysis of data from the Federal Deposit Insurance Corp. shows that commercial and multifamily mortgages "have fared better through the credit crunch and recession than any other major type of loan held by banks and thrifts" in some respects.

Walter Investment Management Corp. lost $4 million in the fourth quarter and $69 million for the year because of costs tied to its purchase of Green Tree Servicing, St. Paul, Minn.

Home prices fell 1.2% in January, following a 1% decline in December, according to preliminary figures compiled by Lender Processing Services.

The 9.37% CMBS delinquency rate in February was lower both sequentially and compared to year-ago monthly figures by Trepp LLC's measure, but the company notes that whether this is a true sign of improvement depends in part on the fate of paying loans that are past their maturity date but have not yet been modified, refinanced or foreclosed upon.

Some prepayment reports are showing certain agency MBS speeds are picking up a bit, and at least one suggests that new FHA mortgage insurance premium changes could have a slight, mixed effect on Ginnie Mae bonds going forward.

So, which presidential candidate knows the most about mortgage banking? Newt Gingrich who gave invaluable advice to Freddie Mac, telling that GSE to avoid subprime acquisitions? (If only, Freddy had listened!)

Radian Guaranty Inc. did $2 billion in primary new insurance written in February, which is the fifth consecutive month the company has written at least that much volume.

The new premium structure for FHA-backed single-family loans will increase receipts by $1 billion per year to bolster the government's mortgage insurance fund, keeping it out of the red. But it could also reduce demand and curtail FHA lending by 30% by the end of fiscal year 2013, according to new projections.

In a tax dispute that could be far-reaching, the U.S. Department of Justice told the New York Court of Appeals, the state's highest appellate court, it believes that federally chartered credit unions should be exempt from the state's Mortgage Recording Tax because of the provisions of the Federal CU Act which exempt federal credit unions from almost all state taxes.

"Nothing happens until something gets sold!" My regular readers have heard this phrase before, and whether or not you agree with the concept, the practical aspect of that application cannot be denied. Furthermore, it's all in the technique.

Mortgage application volume declined by 1.2% on a seasonally adjusted basis for the week ended March 2, as the market share of refinance apps hit their lowest point since December, according to the Mortgage Bankers Association. Data for the previous week was adjusted for Presidents Day.

Recent mortgage industry rules such as those laid out as part of Real Estate Settlement Procedures Act and good-faith estimate reform have pushed the need for improved compliance closer to point of sale, Martin Williams, CEO Acris Technology, told this publication.

LenderLive Settlement Services, Denver, is moving into the foreclosure/real estate owned title space through its acquisition of MoKan Title Services LLC, Kansas City, Mo.