Bank of America Monday morning said it has agreed to sell $306 billion of legacy, bulk mortgage servicing rights to Nationstar Mortgage and Walter Investment Management Corp. for an undisclosed sum. And sources tell Inside Mortgage Finance that more MSR sales are in the works at the bank.
Bank of America appears to have resolved a longstanding dispute with Fannie Mae over loan repurchases – but will not begin selling more loans to the GSE.
Depository institutions managed to trim the volume of mortgage loans they serviced for other investors during the third quarter of 2012, according to a new Inside Mortgage Trends analysis of call report data.
In an email message to his members on Friday, Mortgage Bankers Association president David Stevens noted that the fiscal cliff deal “does not substantially limit the mortgage interest deduction” but “it does phase out itemized deductions for certain higher income households.”
Fannie Mae is working on building an in-house unit to value mortgage servicing rights, according to industry officials who’ve been briefed on the GSE's plans.
Although 10 servicers have agreed to shell out $8.5 billion as part of the OCC/Federal Reserve foreclosure settlement, it won’t be known for up to a month exactly how much it will cost each bank.
The U.S. Court of Appeals for the District of Columbia has reinstated a lawsuit that could place a widowed spouse of a deceased reverse mortgage borrower at risk of foreclosure.
The Consumer Financial Protection Bureau is expected to unveil its long-anticipated 'Qualified Mortgage’ rule this evening to certain parties with an official release coming Thursday morning, industry officials told Inside Mortgage Finance.
The Consumer Financial Protection Bureau likely will not publish a final rule on the integrated and simplified consumer disclosures under the Real Estate Settlement Procedures Act and the Truth in Lending Act until sometime in September, according to the agency’s newly released semiannual regulatory agenda.
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