Of the dozen or so mortgage company sales that have been announced over the past two months, just one has involved a servicing portfolio of any size and even that transaction – $1.5 billion of mortgage servicing rights owned by Continental Home Loans – was small. In today’s merger and acquisitions market, it’s all about building loan origination capacity as buyers such as Freedom Mortgage, LoanDepot and Guild Mortgage try to keep growing. Moreover, this thirst for production comes...
The Treasury Department isn’t doing enough to address issues with servicing transfers in the Home Affordable Modification Program, according to the Special Inspector General for the Troubled Asset Relief Program. The SIGTARP warned that complaints about servicing transfers are “escalating,” though that’s from a low base, with only 84 complaints from borrowers this year. “The serious problems raised by homeowners include lost and delayed HAMP applications, trial and permanent modifications not being honored, and the miscalculation or misapplication of monthly payments,” the SIGTARP said in a report released last week. The Treasury monitors...
The mortgage insurance industry lost a key political ally with the reelection defeat of first-term Democratic incumbent Sen. Kay Hagan of North Carolina.
The Mt. Laurel, NJ-based Freedom is eager to grow its retail presence in the U.S., but is still committed to third-party lending where it has a large presence.
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