Technology

Lenders that shift to a retained servicing model must make significant modifications to their technology and processes.

CitiMortgage will be the second correspondent mortgage investor to use a technology and services offering from Ellie Mae that provides tamper-proof versions of borrower verification data on loans sold by correspondent lenders.

Over the past year Ocwen has agreed to purchase large MSR portfolios from JPMorgan Chase, Litton Loan Servicing and Saxon Mortgage.

Streamline refinancing applications have more than doubled since the Federal Housing Administration opened a special program on June 11 for existing FHA borrowers who had not refinanced since May 2009.

Ellie Mae generated total revenue of $23.6 million in 2Q, up 106% from the same period last year when Ellie Mae posted a net loss of $40,000 off revenue of $11.5 million.

Electronically signed 4506-T forms will mean that lenders will be able to verify the borrower’s income in as little as a few minutes.

Radian and most mortgage insurers consider HAMP transactions a modification of existing coverage and do not include it in new policies written.

The loan limit on VA-guaranteed loans is slated to move up to $729,750 again, staying there for two years now that House of Representatives has passed a Veterans benefits bill.

According to figures compiled by the Mortgage Bankers Association, refi applications accounted for 81% of all new business for the week ending July 27.

Servicers completed 60,000 foreclosures in June, which is the same amount from the previous month but down 24% from last year.