Non-bank servicers are likely to face regulatory scrutiny and mandated changes, according to industry lawyers. And the consent orders recently issued by federal regulators to 14 large banks and thrifts could serve as best practices for non-bank servicers until the expected punishments are levied. If history is any guide, its not going to be...
The consent orders recently agreed to between federal regulators and large bank servicers will help Ocwen Financial, according to officials at one of the largest servicers not subject to the enforcement action. We think these orders enhance our ability to source new business as existing servicers seek to either...
The House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises this week approved a mark-up of H.R. 940, the U.S. Covered Bond Act of 2011. The mark-up was approved by a voice vote, including two amendments, and is scheduled to receive consideration by the...
The consent orders agreed to recently by 14 mortgage servicers and two third-party service providers will have little impact on the servicing of FHA loans, according to compliance experts. The only areas where the orders might create additional obligations are requirements that the servicer establish a...
Wall Street analysts said it is unlikely banks will take losses on repurchased delinquent FHA mortgage loans, easing fears that FHA may not fully reimburse those losses due to servicing errors. Commenting on a report challenging banks policy of accruing interest on delinquent FHA loans, analysts at Keefe, Bruyette & Woods said ...
Ginnie Mae servicing continued to show strong growth as it posted a 4.0 percent jump in the first quarter of 2011 from the previous quarter and an overall 19.3 percent increase from the same period last year. The top 50 Ginnie servicers reported $1.11 trillion of single-family mortgage debt outstanding at the end of the... [Includes one data chart]
Several of the top mortgage servicers in the industry reported ongoing shrinkage in their portfolios during the first quarter of 2011, according to a new Inside Mortgage Finance ranking. As a group, the top five servicers reported a 1.1 percent drop in their combined servicing operations from... [Includes one data chart]
The current method of paying servicers could stand to be improved, but regulators and secondary market investors need to bear in mind that change would have ripple effects throughout the industry, according to a new analysis by Mortgage Industry Advisory Corp., a consulting firm based in New York. Changing the servicing fee from its current form may...
The draft servicing settlement proposed by some state attorneys general would prove counterproductive because it would drive up defaults and foreclosure costs and would not likely provide broad or lasting benefits, according to a study released this week. Researchers at Kansas State University, Louisiana State University and the National Bureau of Economic Research said...
Specialists in default mortgage servicing are focusing more on systems that work with the individual borrowers situation, improve transparency and information for management and increase opportunity for collaboration. Unemployment and negative equity are...