Implementing a broad range of procedural changes and picking through two years’ worth of foreclosure activity are expected to impose a significant expense on mortgage servicers that agreed to consent orders with federal regulators this week, but industry experts say the threat of penalties and remedial costs appears...[Includes one graph]
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The current method of paying servicers could stand to be improved, but regulators and secondary market investors need to bear in mind that change would have ripple effects throughout the industry, according to a new analysis by Mortgage Industry Advisory Corp., a consulting firm based in New York. “Changing the servicing fee from its current form may...
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Two of the nation’s top mortgage lenders have announced some hefty job cuts as the industry appears headed into a steep drop in new originations in 2011. Bank of America announced late this week that it is adjusting...[Includes one data chart]
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Generation “Y” has a huge mortgage appetite, and despite the housing market crash in 2008 and the difficulty of getting a home loan, many of its members think they will become homeowners – and sooner rather than later, according to a recent study conducted by Lachman Associates. “These are happy optimists – which is...
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A number of the top mortgage lending financial institutions are finding increasing success in reaching potential homebuyers via their Internet websites, but they’re not satisfied there. Some are stepping up...
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The draft servicing settlement proposed by some state attorneys general would prove counterproductive because it would drive up defaults and foreclosure costs and would not likely provide broad or lasting benefits, according to a study released this week. Researchers at Kansas State University, Louisiana State University and the National Bureau of Economic Research said...
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Specialists in default mortgage servicing are focusing more on systems that work with the individual borrower’s situation, improve transparency and information for management and increase opportunity for collaboration. Unemployment and negative equity are...
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