At least one top-five ranked residential servicer is planning to offer for sale a decent-sized package of mostly nonperforming servicing rights over the next month.
Norton Wells, senior vice president of Bank of America’s mortgage resolution team, has left the company, industry officials confirmed to Inside Mortgage Finance.
Newcastle Investment Corp., a key player in the huge servicing sale recently unveiled by Bank of America, has raised roughly $538 million by selling 57.5 million shares of common stock in the open market.
JPMorgan Chase is joining the ranks of banks laying off loan review staff now that they’ve settled their foreclosure cases with the Comptroller of the Currency and the Federal Reserve.
The National Association of Federal Credit Unions is afraid that new GSE buyback policies promulgated by the Federal Housing Finance Agency could lead to a secondary mortgage market with fewer products and less competition from credit unions and smaller lenders. In a new comment letter to the agency, Dan Berger, NAFCU’s executive vice president of government affairs, said any new buyback requirement would hurt CUs disproportionately because these so-called nonprofit lenders “do not have the volume…
Arch Bay Capital, once one of the most active buyers of nonperforming residential loans, has sold most of its NPL portfolio and launched a company that will originate non-agency mortgages, according to industry officials who have been briefed on its plans.
In a few weeks the White House will release its new budget and there’s increasing speculation that it will ask for $3 billion to $5 billion for the beleaguered FHA Mutual Mortgage Insurance Fund…
A summary of the much anticipated loan officer compensation rule is set to be published by the CCFPB by close of business Friday, an industry official who was briefed on the mater told Inside Mortgage Finance.
The Consumer Financial Protection Bureau issued its final rules on residential servicing practices early Thursday morning, cracking down on dual tracking, and telling the industry it cannot engage in a foreclosure sale until “all other alternatives” are considered.