A focus on special servicing has helped Rushmore Loan Management Services increase its portfolio in recent years. Standard & Poor’s also recently upgraded the firm’s special servicing rating to “above average.”
Strong purchase lending to military personnel and first-time homebuyers allowed Navy Federal Credit Union to exceed the $1 billion mark in March, the best month in the credit union’s history.
After much speculation, Fannie Mae announced on Wednesday its first ever auction of nonperforming loans to qualified bidders. It includes a pool of approximately 3,200 loans totaling $786 million in unpaid principal balance.
FED WATCH: Voting members of the Federal Reserve Open Market Committee, not surprisingly, were at odds over a possible June rise in interest rates, according to the minutes of the FOMC’s March 17-18 meeting. RATE UPDATE: Mortgage rates didn’t change much this week, as the benchmark 30-year fixed mortgage rate was constant at 3.82 percent, according to Bankrate.com's weekly national survey.
The latest National Mortgage Settlement data from the Office of Mortgage Settlement Oversight shows that at least 314,485 borrowers received some form of relief from Ocwen and SunTrust combined through the fourth quarter of 2014.
Carrington Mortgage Services announced on Tuesday that it will offer the FHA 203k Full loan program through its national wholesale lending division, which should be especially attractive for first-time homebuyers purchasing a “fixer-upper.”
CAPITAL HILL REPORT: Shortly before the U.S. Congress vacated the nation’s capital for its spring recess, Sen. Mike Crapo, R-ID, introduced legislation that would require all rules from the Consumer Financial Protection Bureau be evaluated in the 10-year regulatory review process under the Economic Growth and Regulatory Paperwork Reduction Act, which seeks to identify rules that are unnecessary, outdated and overly burdensome. The Dodd-Frank Act already requires the CFPB to similarly review every major rulemaking…
Despite the drought, a Fannie spokesman issued a statement saying, “Bank of America continues to be an important seller-servicer for Fannie Mae, including servicing a sizable book of loans that we own.”
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