Mortgages

The greatest fear for small- to medium-sized nonbanks is that Wells Fargo—the "big kahuna" of mortgage finance—will exit the correspondent lending space. And what a fear it is: in the most recent quarter in which there are final numbers, Wells bought a stunning $41 billion of loans from others, giving it a market share of 30% in the channel.

Moments before he was scheduled to make a statement on the mortgage servicing settlement Tuesday night, New York Attorney General Eric Schneiderman postponed the conference call indefinitely.

HomeStreet Bank, Seattle, is in the throes of hiring dozens of loan officers who worked at MetLife Home Loans and anticipates that in time it will hire north of 160 workers.

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.

The Financial Crimes Enforcement Network finalized regulations today by which non-bank residential mortgage lenders and originators will have to follow the same rules as other financial institutions.

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.

I'd like to see the loan officer who consistently converts prospects into borrowers simply by providing great service, especially in this market. I'm not knocking service. I like dealing with pleasant people who are professional and on time.

Execution is the key to your success. Without the systematic rigorous process of tenaciously following through, while ensuring accountability, your business and personal life will be less rewarding than it could be.

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.

Maverick Funding Corp., Parsippany, N.J. has hired away Joshua Shein, the CEO of reverse lender Great Oak Lending who brings with him to his new employer roughly 30 employees including 11 loan officers.

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.

Dissenting Federal Reserve Board member Charles I. Plosser, president and CEO of the Federal Reserve Bank of Philadelphia, in a speech Monday renewed his longstanding opposition to Fed policy moves aimed at putting downward pressure on rates for mortgages and other funding.

After a yearlong effort to reach a multistate settlement with the top five mortgage servicers, state attorneys general and the firms involved finally appear to be close to a deal. But even before it is signed, there are already questions about how it will be implemented and future litigation risks.

Although insurance conglomerate MetLife failed to unload its residential lending division, it has found a buyer for its warehouse business, according to industry officials close to the matter.