Fannie Mae will buy 97% LTV mortgages

Fannie Mae will buy 97% LTV mortgages

Credit improvements lead to mortgage product

MBA leaders challenge federal regulators to take action

MBA: It's time for the penalty phase to end

5 things you absolutely need for the MBA convention in Las Vegas

Every one of these is totally necessary
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Items Tagged with 'mortgage servicing'

ARTICLES

ProSys appoints Michael Harris as a principal and partner

Brings 20 years of experience in mortgage servicing
Levi Shultz
In his role, Harris will lead operations for the loss mitigation and post-foreclosure compliance outsourcing services.
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Looming layoffs at Bank of America signal shift in mortgage servicing

Impact already being felt throughout industry
Ben Lane
The impact of Bank of America's $16.65 billion settlement is beginning to be seen in the mortgage industry. The settlement will affect more than just the bank, the aggrieved homeowners and the government. It isn’t just the big banks that feel the pain of these settlements. It affects everyone.
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Wingspan lays off employees at Monroe call center

Workforce was once 400, now less than 100
Ben Lane
The Monroe News-Star reports that it spoke to five people who were laid off last week by Wingspan. They told the News-Star that Wingspan told them they were “furloughed” and could potentially be rehired if the company secures more business.
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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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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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Carrington to expand operations in Indiana

Company will invest $3.17 million and add 360 new jobs
Ben Lane
"As a reputable mortgage company, Carrington Mortgage knows the importance of making sound investments," said Indiana Governor Mike Pence. "We are excited that Carrington Mortgage recognizes our talented workforce and commitment to keeping taxes low and has chosen Indiana as a fixture in its long-term business plan."
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$4 billion more in bulk MSRs available for purchase

Brings total MSR offerings to more than $18 billion since April
Ben Lane
A $4 billion bulk MSR portfolio backed by Fannie Mae is currently out for bid, according to Interactive Mortgage Advisors, which is acting as the exclusive broker for the offering.
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Rushmore Loan Management Services to open branch in Puerto Rico

Expands loan servicing operations with office in San Juan
Ben Lane
The company plans to hire approximately 50-60 new employees to staff the San Juan office. According to Rushmore CEO Terry Smith, Rushmore will immediately begin servicing approximately 4,000 residential loans and REO when the branch office opens in November.
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