Home >> News >> Servicing (page 317)


Two New Banks Fail, Raising National Tally to 92

Two banks went under over the weekend, interrupting a failure-free last two weeks and raising the national tally to 92 for the year ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô a number in line with earlier forecasts from the FDIC as the New Year approaches. Phoenix, Arizona-based Western National Bank and Panama City, Florida-based Premier Community Bank each shuttered their doors, with regulators appointing the FDIC to serve in its traditional role of receiver. Both bank failures cost the FDIC's insurance fund a combined $68.8 million.

Read More »

Reports: Morgan Stanley to Eliminate 1,600 Jobs

Amid declining share and revenue across the industry, financial services firm Morgan Stanley announced that it will eliminate about 1,600 jobs, or about 2.6 percent of all employees, multiple news outlets said Friday. The move arrives for the financial services firm amid continued problems for the investment trading industry and debt crises for euro zone countries. Earlier this year Bank of America, Citigroup, and MetLife all followed the same route by announcing job-slashing measures.

Read More »

Zillow Releases Mortgage Rates This Week


In line with record-low mortgage rates, Zillow found interest rates for the 30-year fixed-rate loan hovering around 3.78 percent this week. The real estate finance Web site culled figures from anonymous online quotes, which it used in the Zillow Mortgage Marketplace. The rate for a 15-year loan stayed around 3.11 percent, with rates for 5-year and 1-year adjustable-rate mortgages nearing 2.52 percent. By state, mortgage rates also fell nationally, with New York leading the way in a decline by 13 basis points from last week.

Read More »

Frank Criticizes Efforts to Weaken Reform Law

Following his announced resignation two weeks ago, Rep. Barney Frank showed few signs of slowing by denouncing provisions that made it into a proposal that recently cleared the House Financial Services Committee. He referred prominently to a provision from the Private Mortgage Investment Act ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô drafted by Rep. Scott Garrett and passed by the House Financial Services Committee 18-15 ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô that aims to repeal the risk-retention rule from the Dodd-Frank Act and do away with the GSEs.

Read More »

SEC Files Suit Against Former GSE Execs

The Securities and Exchange Commission filed suit against former executives with Fannie Mae and Freddie Mac Friday over their alleged roles in securities fraud. The SEC suit purports that Fannie├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós executives underreported considerable exposure to forces in the market, with $4.8 billion in single-family loans on the books. For its part, the suit alleges, Freddie misled investors with claims that the GSE attached a different name to $43.3 billion in single-family loans in a report it filed publicly back in February 2007.

Read More »

DataQuick Sees Home Sales Rise 4% in California

DataQuick released statistics this week that reveal a 4-percent year-over-year increase in California home sales. The analytics company offered up an account of resales in California in a report released Wednesday. Condominiums and resale home sales leapt from 34,087 in October to 31,403 in November last year, with sales in the Golden State still far below lows of 25,578 seen in 2007. The company said that mortgage payments typical of homebuyers averaged $931 in November.

Read More »

Garrett Proposal Clears House Committee

Reform may be on the way for the housing finance system in the United States if a bill cleared by the House Financial Services Committee makes its way to the Senate. Rep. Scott Garrett hailed the passage of his legislation ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô the Private Mortgage Market Investment Act ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô which cleared the committee by an 18-15 margin. The move by Garrett follows a similar push by Sen. Bob Corker, who advanced legislation to consolidate assets from the GSEs and create a Mortgage Finance Agency over the next 10 years.

Read More »

Mortgage Rates Hit Record Lows. Again

Lack of action from the Fed on monetary policy, wrangling in the nation├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós Capitol, and ongoing problems overseas helped push mortgage rates to new record lows this week. Finance Web site Bankrate.com recorded an all-time low for the 30-year fixed-rate mortgage, which slammed into 4.19 percent, down from 4.24 percent. Mortgage giant Freddie Mac countered with rates for the benchmark loan that again fell to 3.94 percent, down from 3.99 percent from the week before.

Read More »

LendingTree Releases Report on Closing Timelines

LendingTree is reaching out to originators and borrowers with an information release that focuses on consumer preparedness during the mortgage loan process. Citing borrowers' frustration with the pace of loan originations, LendingTree put out a report cataloging the top five documents that those seeking and selling mortgages can use to help facilitate faster processing.

Read More »

Bipartisan Policy Center Adds New Commission Members

The Bipartisan Policy Center's Housing Commission has added a new member, with the announcement that Alfred DelliBovi will join the organization. DelliBovi's appointment to the commission continues the development of the group's leadership roster, which includes numerous national business and civic leaders. Other members of the commission include Henry Cisneros and former U.S. Senator Mel Martinez, both of whom have previously acted as HUD secretaries; Senator Kit Bond; and George Mitchell, who co-founded the Bipartisan Policy Center.

Read More »


With daily content from MReport, you’ll never miss another important headline in originations, lending, or servicing. Subscribe to MDaily to begin receiving a complimentary daily email containing the top mortgage news and market information.