Servicing

ATTOM: Foreclosure activity hits 11-year low

But foreclosure starts increased in 15 states
Foreclosure activity is down across the nation, sitting at an 11-year low and in its 17th month of consecutive annual declines. However, some states are defying the national trend and are even trending upward in foreclosure starts. Here’s why.
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Wells Fargo's fake account scandal didn't dent 2016 mortgage business

Here's a full breakdown
Wells Fargo spent much of the latter part of 2016 cleaning up the mess from its massive fake accounts scandal and trying to repair the damage to its reputation, but the bank’s mortgage business certainly didn’t suffer last year. Here's a full breakdown of Wells Fargo's 2016 mortgage business, including how many 3% down mortgages the bank originated.
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Ellie Mae: Interest rates on closed loans rise to 16-month high

Rising interest rates drove down refinance originations
The average interest rate for 30-year, fixed-rate mortgages rose to a 16-month high in February, according to the new data from Ellie Mae. The increase in interest rates depressed the refinance market, as the report showed that the share of purchase mortgages closed rose to 57% in February. That’s the largest that figure has been since July 2016.
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Fannie Mae to sell $1.65 billion in re-performing loans

GSE announces second sale of previously delinquent loans
Fannie Mae's sale $1.68 billion in non-performing loans to private equity funds, one of which is a subsidiary of Goldman Sachs, wasn't the only loan sale the government-sponsored enterprise announced on Tuesday.The GSE also announced its second sale of re-performing loans, which will be much larger that its first such sale.
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Fannie Mae selling another $1.68 billion in NPLs to Goldman Sachs subsidiary, private equity

9,400 non-performing loans sold out of Fannie Mae’s portfolio
In what is now a common occurrence, Fannie Mae announced Tuesday that it sold a large portfolio of non-performing loans to private equity funds, one of which is a subsidiary of Goldman Sachs. The sale, which was originally announced last month, consisted of 9,400 non-performing loans that carry an unpaid principal balance of $1.68 billion.
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Walter Investment posts $529 million loss in 2016; CEO calls results 'unacceptable'

Revenue drops by $278.5 million from 2015
Walter Investment Management Corp. announced Tuesday morning that it posted a loss in each quarter of 2016, finishing the year with a net loss of $22.2 million in the fourth quarter. That result pushed the company’s total net loss for the year to $529.2 million. Walter Investment CEO Anthony Renzi, who took over in September 2016, said that the company’s 2016 results are unacceptable.
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Mortgage delinquency rates signal improving economy

CoreLogic report reviews foreclosure crisis
CoreLogic released a report reviewing the years before and during the foreclosure crisis, and compared them to the current state of the market. By looking back at the years, the property analytics provider shows just how much the economy improved, and in what direction it is headed.
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PHH urges Court of Appeals to kill CFPB

Argues CFPB constitutional issues go well beyond director’s authority
PHH wants the full Court of Appeals for the District of Columbia Circuit to do more than simply declare the leadership structure of the Consumer Financial Protection Bureau unconstitutional; it wants the Court of Appeals to kill the CFPB altogether.
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HSBC continues cutting U.S. mortgage business with $4.9B loan sale to Credit Suisse

HSBC Finance mortgage book was $117.7 billion in 2008, now it’s $2 billion
HSBC’s reduction of its U.S. mortgage business, which began way back in 2008, took another big step forward recently, as the company announced recently that its subsidiaries, HSBC Finance Corporation and HSBC Bank, sold $4.9 billion in mortgages to a subsidiary of Credit Suisse.
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DEVAL assists at-risk borrowers before foreclosure, homelessness become reality

Servicing company provides resources, options to veteran borrowers
Mortgage servicer DEVAL helps at-risk borrowers find affordable housing options by collaborating with a variety of government programs and resources that support loss mitigation efforts and enable borrowers to find alternative housing solutions if, and when, a loan modification or solution is not viable.
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