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Servicing

TMS Funding Recruiting Nationwide Talent

Total Mortgage Services, LLC, is seeking new talent to add to its wholesale residential lending channel, TMS Funding. The company recently announced that it would hire new account executives in more than 21 states and Washington, D.C., as part of its continued expansion.

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NCHV Honors NewDay with Corporate Partner Award

NewDay Financial has a worthy reason to celebrate, with the announcement that it would receive a Corporate Partners award from the National Coalition for Homeless Veterans (NCHV). The company and its CEO, Rob Posner, is being honored for its strong provisional assistance to veterans in need of housing.

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ACUMA Adds New Partner with Equi-Trax

The American Credit Union Mortgage Association (ACUMA) has added a new member, with the incorporation of Equi-Trax Asset Solutions LP. Equi-Trax, a provider of borrower outreach programming and portfolio analytics, was recently accepted into the ACUMA, as part of the organization's continuing efforts to enhance its consumer assistance platforms.

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Mortgage Rates Drop Below 4% for First Time

Mortgage rates slammed into a new, record-setting low Thursday, with mortgage giant Freddie Mac reporting that figures for the benchmark 30-year fixed-rate mortgage fell below 4 percent for the first time in history. Finance Web site Bankrate.com noted a similarly record-smashing low for the loan. Making the biggest waves, the GSE found the 30-year loan dropping on average to 3.94 percent nationally, down from 4.01 percent last week and 4.27 percent over the same time last year.

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Kontogiannis, Six Others Make the Fraud Blotter

Two cases from New York resonated with the mortgage fraud blotter Wednesday, with news sources reporting indictments against six people accused of raking in some $25 million in mortgage fraud and a reduced prison sentence for a money launderer previously convicted for stripping $98 million from lenders. A statement by the Federal Bureau of Investigation and Reuters story contributed to the round of news for the MReport blotter. Left unclear: the amount of ruin for lenders and homeowners.

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Big Banks Sued for Allegedly Bilking Veterans, Taxpayers

In yet another blow to major mortgage lenders, two brokers unveiled suits Monday against a string of companies alleging the defendants bilked veterans out of millions by hiding illegal fees under other charges for their refinance loans. Quickly emerging as a hot-button topic inside the Beltway, with some pointing fingers at federal agencies, the suit joins a pack of other litigation on the way for big banks. The matter involves the Interest Rate Reduction Refinancing Loans program for veterans.

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Harris Takes the Reins at LPS

Lender Processing Services Inc. has appointed a new president and CEO, with the hiring of Hugh R. Harris. Harris' role begins immediately, effective October 5, and he will also join the company's board of directors.

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Mortgage Applications Fall 4.3% on Borrower Apathy

application

Historically low mortgage rates failed once more to entice interest from borrowers, with the Mortgage Bankers Association recording a seasonally adjusted 4.3-percent plunge in mortgage applications last week. The numbers arrive amid a flurry of action from the Federal Reserve. The trade group penciled in a 4.5-percent decline on a seasonally unadjusted basis, alongside downward revisions for the Purchase Index at a seasonally adjusted 0.8 percent and seasonally unadjusted 1.7 percent.

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Mortgage Pro Makes Move to Online Initiative

A former mortgage banking executive is moving on to the lucrative realm of technology based real estate initiatives. Elizabeth O'Brien, previously a director for Citigroup, Inc., was recently announced as the managing director and senior vice president of Auction.

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Group: Don’t Expect Housing Recovery Until 2014

As Fed officials hinted at more stimulus measures for the ailing economy, research consultancy Capital Economics released a note signaling that more trouble ahead for the housing sector could delay a recovery until 2014. Writing for the consultancy, senior U.S. economist Paul Dales painted a grim portrait of the housing economy, explaining that less confidence among consumers and tight lending standards contribute to the view that market conditions will keep a heel on the housing recovery until 2014.

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