Servicing

June 19, 2013

BofA, Citi, Wells Fargo fail key servicing tests

Recent servicing compliance tests applied to the nation’s top financial institutions resulted in five test fails...

Parties foreclosing on Chicago rentals face new obligations

Parties who acquire residential rental properties via a foreclosure or deed in lieu of foreclosure in Chicago are now required to provide an option to renew the lease or offer relocation assistance to a "qualified tenant."

They Said It

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"Structuring the AG settlement credits this way makes it more of an additive for principal reduction," Kingsley said. "This way, more borrowers could potentially receive some form of reduced principal."

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The Ticker

» Western Asset Management exec resigns

» Jumbo mortgage rates grow closer to conforming rates

» OCC: Housing market shows strong growth

» Lawmaker pushes for probe of BofA's HAMP practices

» RMBS auction failures reach most this year

» Former first daughter Chelsea Clinton lists NY Flatiron condo

» CMBS sales may lose $15B on rising interest rates: S&P

» How to attract your next wave of sellers

» Goldman Sachs can't dodge MBS case

» Residential REITs become the financial losers

Servicing News

Virginia court: Mortgage servicers can foreclose, despite alleged promises to borrower

Ocwen enters massive MSR agreement with OneWest Bank

RealtyTrac: May foreclosures inch up 2%

Housing recovery evolves mortgage modification landscape

CoreLogic: Nearly 1 million houses float back into positive equity

Monday Morning Cup of Coffee: Mixed reactions on Florida foreclosure bill

Florida governor signs bill to speed up state's foreclosure process

Foreclosure programs aid 1.6 million homeowners: Obama Scorecard

ReWired

The pending mortgage servicer shakeout

No one can deny that the last few years have been good for companies that are in the mortgage servicing business. But as the U.S. economy continues to recover and historic default and foreclosure rates normalize, some of the firms in this space are feeling the pressure to offer more in order to maintain their business levels.

June Cover Story

Virtual realty: HousingWire's top 50 real estate tech solutions

HousingWire introduces its inaugural RETech:50 highlighting the accomplishments of 50 technology-driven real estate companies.

Feature

Private-label RMBS trailblazer Redwood Trust sets aggressive issuance pace

by Christina Mlynski

There are only a handful of consistencies investors can rely on in the private-label market these days. Redwood Trust issuing at least one residential mortgage-backed securities deal a month is one.

Commentary

Too big to fail remains issue

by David Altig

As Federal Reserve Chairman Ben Bernanke has indicated, too-big-to-fail remains a major issue that is not solved, but "there’s a lot of work in train."

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