FHA single-family production rose 22.3 percent in 2012, but another increase in the mortgage insurance premiums will likely accelerate the program’s three-year decline in market share.
Wells Fargo is contemplating selling some of its massive $1.906 trillion residential servicing portfolio while maintain a subservicing relationship with the end consumer.
CFPB Warns Servicers to Protect Borrowers When Transferring Servicing. As Inside the CFPB went to press, the bureau issued a bulletin reminding mortgage servicers about their legal obligations to protect borrowers during transfers of mortgage servicing between firms. Through public feedback and its supervision activities, the CFPB said it has noted a significant number of servicing complications stemming from the large amount of servicing transfers that have taken place in the last year. In a number of instances...
The securitization industry has successfully shot down high-profile attempts in San Bernardino County, CA, and in Chicago to use eminent domain to seize underwater, performing mortgages, write them down to fair market value and repackage them for sale to other investors. However, they’re not letting their guard down, as similar efforts continue in a number of other local jurisdictions throughout the country – most notably Brockton, MA, and Salinas, CA. In Brockton, the City Council recently voted 9-2 in favor of setting up a working group to further explore the concept. It also voted to invite a handful of local community activists and city officials, as well as a representative from Mortgage Resolution Partners – the architect of the proposal – to appear before the finance committee. The issue on their agenda is...
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