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Stick an Oar in Anywhere

Posted by Leader on August 2, 2011 // 0 Comments

daily briefing Stick an Oar in Anywhere
August 1, 2011

Featured StoryStick an Oar in Anywhere
By Mark Fogarty

It’s hard to tell where you’re going to find a good loss mitigation idea. At the SourceMedia Loss Mitigation Conference held in Dallas recently, a participant said the government’s HAMP modification plan was a good loss mit strategy.

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Yield on Benchmark 10-Year Falls, But Will Consumers Refi?
By Paul Muolo

In the wake of a political deal to solve the nation’s debt ceiling crisis, the yield on the benchmark 10-year Treasury fell to 2.7% Monday, which usually means mortgage rates are headed south as well.

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Aurora Loan Services For Sale – Again
By Paul Muolo

The ‘on-again/off-again’ sale process has started once again for Aurora Loan Services, the Colorado-based mortgage banking division of Aurora Bank FSB, according to industry officials.

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Mortgage Lender Sued for Misrepresenting HUD Insured Loans
By Evan Nemeroff

MDR Mortgage and its founder and president Robert Luce are facing a lawsuit filed by the Department of Justice for the alleged misrepresentation of Department of Housing and Urban Development-insured loans.

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Warehouser Funds 1,000 Loans in Quarter
By Brad Finkelstein

Silvergate Bank, La Jolla, Calif., said its warehouse lending program funded over 1,000 residential mortgage loans totaling $267 million in the second quarter.

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SpotlightOutstanding MSRs Decline

The dollar amount of residential mortgage servicing rights outstanding fell to under $9.5 trillion at the end of 1Q11. This is still approximately $1 trillion more than what was outstanding at the end of 1Q06.

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Study: Homeowners Still Dissatisfied with Mortgage Servicers
By Evan Nemeroff

Homeowners who originated their mortgages during the peak of the housing boom with unfavorable loan terms are getting more frustrated with their inability to refinance with mortgage servicers, according to the J.D. Power and Associates 2011 U.S. primary mortgage servicer satisfaction study.

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CMBS Trading Heads Depart Goldman, Citigroup
By Nora Colomer

The heads of CMBS trading at Citigroup and Goldman Sachs departed from their respective firms late last week.

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A Second Buy for Security Firm
By Brad Finkelstein

Homeland Security Capital Corp., Arlington, Va., has made its second acquisition in the mortgage and settlement services space by buying Timios Inc., a nationwide provider of title and escrow services for $1.15 million, plus contingency payments of up to $1.35 million over the next 12 months.

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CU Companies Introduces Correspondent Program

CU Companies, a mortgage service organization owned by credit unions in the New Brighton, Minn. area, has launched a correspondent purchase program for member institutions.

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Amherst Examines BofA Settlement’s Impact on Securities Valuations
By Kate Leonard

A new report by Amherst Securities Group examines how the recent Bank of America settlement has the potential to significantly impact Countrywide securities that comprise the Covered Trusts. Although the market seems to treat these securities in the same way, Amherst said that the impact will vary from security to security.

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CMBS Defaults Rising and Survey Shows Conservative Investor Outlook, Says Fitch
By Nora Colomer, Kate Leonard

U.S. senior fixed-income investors are taking a more conservative view of cross asset credit conditions on the back of recent macroeconomic concerns, according to a Fitch Ratings fixed-income forum survey of fixed income professionals, conducted in June.

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Judge Dismisses NCUA Case Against WesCorp Directors
By Credit Union Journal Staff

In a major defeat for the National Credit Union Administration, a federal judge Friday agreed to dismiss negligence charges brought by the federal regulator in a civil suit against 11 directors of the one-time $34 billion corporate credit union, all of them prominent figures in the credit union movement.

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Texas Tech FCU Inks Deal For MRG’s Mortgage Doc Solution
By Credit Union Journal Staff

Texas Tech Federal Credit Union in Lubbock has chosen MRG’s Miracle Online platform for its mortgage document preparation needs.

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Ariz. State CU Signs Up For Fannie Mae’s HomePatch REO Loans
By Credit Union Journal Staff

Arizona State CU has begun offering its members low-down payment, low-rate loans to buy homes currently owned by Fannie Mae, the Phoenix-based credit union said.

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Fannie Pulls the Plug on RMIC’s MI Unit
By Brad Finkelstein

Fannie Mae on Friday suspended Republic Mortgage Insurance Co. as an approved MI to the GSE and took the added step of suspending a subsidiary that RMIC planned to write all new business through come September 1.

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MERS Makes Foreclosure Policy Change Permanent
By Austin Kilgore

The policy that prevents mortgage servicers from initiating foreclosures in the name of Mortgage Electronic Registration Systems Inc. became permanent this week after parent company Merscorp Inc. finalized changes to its procedures and quality assurance manuals.

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