MountainView Servicing Group is overseeing the sale of a Fannie Mae mortgage-servicing right portfolio with a total unpaid principal balance of $759,526,511, which features a weighted average original FICO of 725 and 61% HARP servicing.
Investors are confident that interest rates will not dramatically shift away from their current levels, a prediction that allowed mortgage real estate investment trusts on the HW 30 index to perform better than anticipated Monday.
Mountain Funding, an investor in distressed real estate debt portfolios, entered into an agreement with GMAC-ResCap’s Business Capital Group to provide asset servicing and consulting advice for the real estate owned (REO) assets in their portfolio, a spokesman for GMAC said.
ResCap, the fifth largest servicer in the nation, will continue to provide servicing for a portfolio of roughly 2.6m mortgage loans.
National Asset Direct Inc., a purchaser of distressed residential assets and loans, said Wednesday afternoon that it had completed the purchase of a portfolio of approximately $34 million of seasoned sub-performing and non-performing first lien residential mortgages from an undisclosed top-tier bank.
The company intends to service approximately 65 percent of this newly acquired portfolio through iServe, its wholly owned servicing subsidiary, it said in a press statement; officials did not specify where the remaining loans would be placed.
"If you look at what we do, fundamentally, MERS is the mortgagee on behalf of the investor and its assigns, it’s not a whole lot more complicated than that. And that role as an agent is well rooted in the laws of this country. So when you get down to it, and when we get challenged, we typically prevail. We simply take away all the clutter and present what we do, and what the laws actually say, and we get there," MERS CEO Beckmann said in an exclusive profile only in HousingWire magazine..
The CFPB is currently paying close attention to the individuals/small players, as well as the larger institutional mortgage companies. With respect to the small players, the CFPB is looking at the loan officer, real estate agent and developer. A common violation that these smaller firms or individuals commit, in addition to possible violations resulting from social media posts, stems from agreements among themselves. Read More
Ladies and gentlemen, it’s been some time since the mortgage bond world felt shaken to the core. But shaken, right now, it feels, according to several recent conversations I’ve had on the subject. Read More