PGA golfer Dustin Johnson sues Nat Hardwick for $3 million theft

PGA golfer Dustin Johnson sues Nat Hardwick for $3 million theft

Former LandCastle Title CEO was Johnson's attorney and "trusted advisor"

Are record-low interest rates masking high-cost mortgage lending?

Five leading economists weigh in and the answer may surprise you

Auction.com partners with Google to predict housing trends

Nowcast will predict in real time
W S
Lending

Bank of America: 'We provide all required MSR documents'

Responds to Ginnie Mae MSR transfer block

pile of paper
/ Print / Reprints /
| Share More
/ Text Size+

After Ginnie Mae stopped the transfer of mortgage-servicing rights from Bank of America (BAC) to a nonbank, Bank of America emphasized that its servicing portfolios are on par with market requirements.  

“In the normal course of business, we sell segments of our existing servicing portfolio on standard market terms, which include providing all required documents to subsequent servicers and complying with investor and other requirements,” a Bank of America spokesperson said in general on the banks servicing business.  

American Banker writer Kate Berry broke the story (Paywall) Tuesday afternoon, saying Ginnie Mae halted the transfer due to missing documents and is asking for an inventory of loans with missing documents.

“Most of the portfolios we sell include a number of delinquent loans where documents have been transmitted to attorneys, as legally required, which may complicate these pre-sale review requirements,” Bank of America said in response.

Ginnie Mae confirmed the details of the American Banker account.

Recent Articles by Brena Swanson

Comments powered by Disqus