Vendor Resource Management, which the VA hired in June to service its nationwide mortgage portfolio and real estate-owned assets, has subcontracted a significant portion of the servicing to BSI Financial Services. According to VRM, BSI took over the servicing of the VA’s national portfolio beginning Dec. 1, 2017. VRM retained the REO servicing. VRM was first awarded the servicing contract in 2012, and the company initially subcontracted Ditech Financial to service VA’s larger national portfolio. The contract was later amended to facilitate a pilot whereby a portion of VA properties would be managed under the award. A new 10-year contract was awarded subsequently to VRM, which became effective on July 1, 2017. Based in Irving, TX, BSI Financial is a loan subservicer and a provider of technology and outsourcing services to banks and institutional investors in the ...
It's only a matter of time before the White House officially nominates acting Ginnie Mae president Michael Bright to be the permanent head of the agency...
For the most part, the sale of bulk mortgage servicing rights has been sluggish during the fourth quarter, but dealmakers are anticipating the torpor may soon end.
An intensive burst of lobbying helped mortgage servicers avoid adverse consequences in the tax reform bill passed by the Senate late last week. But housing-industry representatives continue to warn that the legislation would lead to home-price reductions and reduce incentives for homeownership.
Servicing income rose 1.5 percent during the third quarter, although five of the 12 companies reported declines and one of them – PHH Mortgage – posted a loss.
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