Technology

If you're looking for the next megabank to exit the mortgage sector the most likely candidate would be Ally Financial, the government owned bank holding company that controls No. 5 ranked servicer GMAC Mortgage/Residential Capital Corp.

There were more cures than new notices of default in February for the nation's private mortgage insurers, continuing a trend of recent years, according to data compiled from members of the Mortgage Insurance Cos. of America.

A key piece of case law supporting defaulted borrowers' fight against Mortgage Electronic Registration Systems Inc. was vacated Wednesday, after a federal judge ruled that a New York-based bankruptcy judge overstepped his authority when he issued a scathing opinion of the private loan registry.

The aggregate value of loans collateralized by commercial MBS increased 50 basis points in February from the month prior, continuing an upward trend, said DebtX, a Boston-based loan sales advisor.

The average interest rate for a 30-year fixed rate loan fell to 3.99% for the week ending March 29, compared to 4.08% the week prior, according to new figures compiled by Freddie Mac.

Lenders are increasingly providing borrowers with online tools to complete loan applications. As this innovation takes off, lenders are adapting their businesses to evolve the role of the loan officer, while POS and LOS vendors are engaged in a showdown for the online channel.

Software commoditization via SaaS has drastically lowered costs for small and midsize lenders and the flexibility of transaction-based pricing is driving many technology decisions in the mortgage industry.

Residential servicers completed 65,000 foreclosures in February, an 8% decline from the prior month and just about flat from the same period a year ago, according to new figures compiled by CoreLogic, Santa Ana, Calif.

Bank servicers initiated more trial modification plans, and initiated fewer foreclosure actions in the fourth quarter than the previous one, according to a new report from the Comptroller of the Currency.

Among the next steps in the National Reverse Mortgage Lenders Association's Borrow With Confidence efforts will be a story-telling campaign, with seniors describing their experience with and benefits from the product, officials from the group said at its Eastern regional meeting in New York.