Technology

Loan modifications continue to be a smart move politically and from a risk management perspective, and new technology is aimed at streamlining the way qualifying documents are moved between borrowers and loan servicers.

The Treasury Department reported that servicers completed 47,100 Home Affordable Modification Program restructurings in the third quarter, down slightly from 49,950 in 2Q.

Total losses in 3Q came to $490 million, up 6% from 3Q11, but down 11% from 2Q12.

Among this exclusive group, U.S. Bank was the stand out in terms of growth, increasing fundings by 142% over the past 12 months.

Walter Investment Management posted strong servicing results in the third quarter while revealing that it will take control of $50.4 billion of Fannie Mae mortgage servicing rights when the Residential Capital Corp. deal closes.

PennyMac is beginning to make a name for itself as a top ranked buyer of mortgages, including jumbos.

Despite the increase, LPS believes the overall trend is one of improved delinquencies, noting that late payments are still down 30% from January 2010.

Freddie Mac chief economist Frank Nothaft attributed the mixed-rate movements to a recent above-consensus employment report, and an upward revision in the prior two months of jobs data.

In its third quarter release PHH said it believes that retail production consistently delivers “high quality” loans.

After more than three years of regulatory requirements, some of which involved the implementation of technology, the moment that the origination industry has been waiting for has arrived.