Here are the 14 most outrageously expensive neighborhoods for renters

Here are the 14 most outrageously expensive neighborhoods for renters

Markets where you'll spend more than half your income on living

HousingWire reveals the 50 fastest-growing companies in housing economy

Inaugural 2014 HW Fast50 ranks companies on revenue growth

Judge throws out Fannie and Freddie investors’ lawsuit

Decision favors Federal government
W S

Servicing

Mortgage Contracting Services acquiring CoreLogic business units

MCS to take Collateral Solutions, Field Services
Trey Garrison

Mortgage Contracting Services is acquiring CoreLogic’s Collateral Solutions and Field Services business units.

Editor's Note: An earlier version of this email incorrectly claimed Concentric Equity Partners lacked involvement in the deal. In fact, Concentric owns MCS. Please be advised the article itself was never in error.


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Bank of America finds buyer for Countrywide subprime MSRs

RMBS ratings unaffected
Ben Lane
It looks as though Bank of America is ready to push past Benjamin Lawsky’s supposed freeze of the legacy MSR market with a transfer of legacy MSRs to Select Portfolio Servicing, according to a note from Moody’s Investors Service.
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CFPB fines Flagstar $37.5 million for mortgage servicing violations

CFPB: “At every step in the foreclosure relief process, Flagstar failed borrowers.”
Ben Lane
"Because of Flagstar’s illegal actions and unacceptable delays, struggling homeowners lost the opportunity to save their homes,” said CFPB Director Richard Cordray. “The Bureau has been clear that mortgage servicers must follow our new servicing rules and treat homeowners fairly. Today’s action signals a new era of enforcement to protect consumers against the cost of servicer runarounds.”
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Mortgage servicers trend toward multiple field-service providers

Is it time to spread out the grunt work?
Lynn Effinger
With so many changes taking place in the default servicing arena, with heightened focus on regulations and compliance issues, one solution being chosen by some lenders, servicers and investors is to contract with multiple field service providers, rather than a single “national” provider.
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NMS Monitor: Is the 30-year mortgage the best product?

Challenges attendees at ABS East to “do something better"
Ben Lane
"Believe it or not, and this is worth the price of your admission right here, the 30-year mortgage is not a constitutional or human right,” National Mortgage Settlement Monitor Joseph Smith told ABS East attendees. "I challenge you to do something better, to help borrowers own their houses faster."
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ABS East: Lawsky has legacy MSRs “at a standstill”

No significant legacy MSR transfers since NYDFS froze Ocwen deal
Ben Lane
During a panel at ABS East, a massive conference on the securitization and secondary market taking place this week in Miami, one panelist said that the MSRs on the loans that make up the pre-crash residential mortgage-backed securitizations are “at a standstill,” without an end in sight.
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LenderLive Network names new SVP

Charlie Kent brings 20 years of industry experience
Brena Swanson
LenderLive Network named Charlie Kent as the servicer’s new vice president of national sales for its settlement services division, where he will be responsible for developing new client relationships and supporting existing ones.
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Fitch: Rise of nonbank servicers threatens private-label RMBS

Top five nonbank servicers now handle 64% of all private-label securities
Ben Lane
The rise of nonbanks presents heightened risks to investors, Fitch Ratings said in a new report. “In contrast to large commercial bank servicers, most nonbank servicers, including most of the current top five, have a weaker financial profile and are currently rated non-investment grade or are not publicly rated by Fitch.”
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assure360 acquired by ARMA Acquisition

Company plans expansion of service offerings
Ben Lane
The company will now also offer mortgage insurance claims processing, legal and mortgage business process outsourcing services, and technology and document management for litigation law firms.
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$835 million in bulk MSRs coming to market

Market continues to be considerably unfrozen
Ben Lane
"It’s an exceptionally clean GNMA portfolio, with a very low coupon and low delinquencies," said Robert Wellerstein, managing director at MountainView Servicing Group. "Given the high-quality product, portfolio size and experienced seller, we expect this package to garner a lot of interest among MSR buyers."
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