Vericrest Financial is said to be the winning bidder on a $16 billion package of mortgage servicing rights. However, the company would not comment.

Although Rep. Hensarling rebuffed Cordray, the CFPB chief delivered the agency’s semi-annual report to the Senate Banking Committee Tuesday morning.

Obtaining approvals to become a GSE seller/servicer can cost you, but think of the money you can make from owning servicing rights.

Perhaps, the FHA Mutual Mortgage Insurance fund won't need a bailout after all: In 1Q delinquencies fell by just over 9 percent, according to exclusive figures compiled by Inside Mortgage Finance publications.

The Basel III accords may never happen, but if they do, some large servicers will have to reduce their MSR footprint.

Banking regulators acknowledged problems with the foreclosure reviews conducted by the nation's megabanks and have agreed to evaluate the use of independent consultants in regulatory actions.

Just how healthy is the residential mortgage business these days? Answer: Fannie Mae and Freddie Mac are swamped with seller/servicer applications.

The five servicers participating in the $25 billion national servicing settlement will face increased scrutiny due to complaints regarding their compliance with the settlement. In addition to requiring a certain amount of loss mitigation actions on non-agency loans, the settlement set standards to be followed by the servicers. Joseph Smith, the settlement’s monitor, said he is establishing additional metrics for the settlement to address complaints about actions by Ally Financial, Bank of America ...

The Department of Housing and Urban Development this week issued guidance that spells out procedures for demanding indemnification from lenders participating in the agency’s Lenders Insurance (LI) program for loans deemed ineligible for FHA insurance. The guidance (Mortgagee Letter 2013-10) implements regulation that HUD finalized in January 2012. Indemnification for defective LI loans became even more important for the FHA after an independent actuarial audit in November revealed a negative capital reserve ratio and that a taxpayer bailout seemed imminent. Compliance experts warned that, with the policy changes, the more than ...

Department of Housing and Urban Development Secretary Shaun Donovan this week reiterated his agency’s request for additional legislative authority to regulate the Home Equity Conversion Mortgage program by mortgagee letter so that much-needed changes can be implemented immediately. Rather than go through the tedious legislative process of amending HECM legislation to improve the program and reduce HECM losses, expanding HUD’s authority would enable the department to undertake immediate reforms, such as restricting lump sum payments, requiring financial assessments of HECM applicants and requiring borrowers to ...