3 quick takeaways from the mortgage conference happening right now

3 quick takeaways from the mortgage conference happening right now

Tidbits from SourceMedia Mortgage Servicing conference

Stewart Information Services 1Q earnings suffer from mortgage reductions

Posts net loss of $12.1 million

New home sales plummet 14.5% in March

Spring buying season off with a whimper
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Servicing / The Ticker

Short sales completed as part of servicing settlement create market momentum

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The recently issued report from the court appointed monitor of the settlement agreement between the 5 leading mortgage loan servicers and the 49 state attorneys general contained some very interesting information.

Many observers have complained that the servicers have taken too much advantage of being able to get some credit against the settlement funds for eliminating second mortgages which, in reality, had no value anyway, calling this the "second mortgage loophole." But with the credit for eliminating or reducing second mortgages only 10% of the loan amount, is this something we really need to worry about?

Source: American Banker
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