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

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

Responds to Ginnie Mae MSR transfer block

17% of homes with a mortgage seriously underwater

Share of underwaters continues slow decline

Here are 5 bold mortgage predictions from KBW

Q1 mortgage volume predicted to be $20 billion lower
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Items Tagged with 'Bank of America'

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

Responds to Ginnie Mae MSR transfer block
April 16, 2014
After Ginnie Mae stopped the transfer of mortgage-servicing rights from Bank of America to a nonbank, BofA emphasized that its servicing portfolios are on par with market requirements.
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Fannie, Freddie settlements eat into PNC earnings

Earnings barely move from 4Q13
April 16, 2014
PNC Financial Services’s residential mortgage banking noninterest income experienced a slight decline due to leftover remnants from settlements. But this did little to impact its earnings compared to the previous quarter.
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Ginnie Mae halts MSR transfer from BAC to nonbank

MSRs lack documents, firm says
April 16, 2014
American Banker has a great scoop on Ginnie Mae halting the transfer of MSRs from Bank of America.
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No, it's not that bad: It's worse

All indicators point down unless you want to metricize hope and spin
April 16, 2014
This year is already one-third in the books, and everyone is waiting for that fabled “pent-up housing demand” to announce its presence. But if it’s coming, it’s taking its sweet time.
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BAC posts $276M loss in 1Q driven by $6B in mortgage litigation costs

Bank makes headway with legacy, delinquent mortgages
April 16, 2014
Heavy mortgage-related litigation expenses and a mortgage lending business in retreat hurt Bank of America in the first quarter of 2014, with the bank forking over $6 billion in mortgage-related litigation costs this quarter.
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Is Federal housing money supporting big bank balance sheets?

FHLB lending surges to Bank of America, Citi, JP Morgan and Wells
April 16, 2014
Top banks withdrew a surge in secured loans, known as advances, meant to promote housing finance, reversing a decline that bottomed at $381 billion in early 2012. Instead, it may be used to meet international banking requirements.
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FGMC appoints new north east regional sales manager, TPO

Patty DeVita joins lender
April 11, 2014
First Guaranty Mortgage Corporation appointed Patty DeVita as north east regional sales manager, TPO, bringing more than 16 years experience in the correspondent and wholesale residential loan origination channels.
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Allstate and Bank of America dismiss $700 million mortgage lawsuit

Matters resolved on mutually agreed terms
April 9, 2014
Allstate and Bank of America dismissed a lawsuit that dealt with $700 million of toxic mortgage debt, agreeing to the dismissal of the action in its entirety.
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Bank of America’s dire mortgage bond prediction

March's bond issuance was the second lowest since the early 2000s
April 7, 2014
In order to pass $500 billion in purchase volume, BofA suggests that a mix of lower mortgage rates, higher affordability and easier lending standards would be required. “None of which appears forthcoming in the near term,” the bank's analysts state.
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BofA: Fed seems OK with declining home sales

Don't expect any increase in economic help
March 31, 2014
"Moreover, at this point, given the continued weakness in mortgage purchase activity, there is no evidence that a robust turn or recovery in sales will be seen in the months ahead," according to BofA analysts.
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