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Servicing

Applications, Refis on the Rise According to Weekly Index

The weekly mortgage applications numbers are in, and current data shows an increase nationally. The Mortgage Bankers Association's Weekly Mortgage Applications Survey for the week ended September 23 demonstrated a 9.3 percent rise in mortgage loan application volume on a seasonally-adjusted basis, according to the Market Composite Index contained within the report. The Purchase Index rose 2.6 percent this week on a seasonally-adjusted basis and showed a 0.1 percent hike year-over-year.

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BAC Under Extended Investigation by Hagens Berman

Bank of America Corp. will continue to be under investigation, following a recent filing that alleges the big bank failed to properly inform investors as to risk factors associated with a pending lawsuit from American International Group. Hagens Berman announced that it will advance its look into BAC's investor dealings surrounding the bank's legal issues with AIG. BAC shares dropped significantly in the wake of the AIG filing, and it's estimated that the full damages equate to around 20 percent per share.

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Auditors Face Suit as TBW Makes Headlines, Again

A suit filed Monday dispelled any notion that the Taylor Bean & Whitaker scandal ended with the lockup of the former ringleaders, according to multiple news reports. The trustee overseeing bankruptcy and liquidation proceedings for the now-defunct mortgage company went after auditors for failing to see red flags in their accounting processes. Deloitte & Touche LLP, the accounting firm responsible for audits at Taylor Bean & Whitaker, got slapped with suits on the hunt for $7.6 million in damages, according to news outlets.

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FHFA Faulted for Role in Bad Settlements for GSEs

The Federal Housing Finance Agency cut corners in the analysis it deployed to review and accept a $1.35-billion repurchase settlement from Bank of America over mortgage-backed securities for Freddie Mac, effectively ensuring that losses for the GSE would continue, according to a report released Tuesday by the agency's inspector general. The report concerns two buyback agreements between the mortgage giant and GSEs last year, with profit margins totaling $2.87 billion for the deal.

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Home Prices Hold Steady in July Despite Economic Headwinds

The rocky economic landscape could give way to a smoother housing sector if recent home prices signal anything, with a major Standard & Poor├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós/Case-Shiller index revealing Tuesday a marginal uptick in numbers over July. Economists chalked up the gains to a seasonal boost and suggested more stability may be on the way for a troubled housing economy. The indices reflected a 0.9-percent boon for measures of activity across 10 and 20 major metropolitan cities, a consecutive four-month increase.

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Rumored Europe Relief Sends Up Shares for Lenders

After a drought for good news, markets and mortgage lenders found reason to celebrate Monday with a late-day flood by investors to their stocks. Confidence-boosting measures by government officials led the charge by investors to lenders like Bank of America and JPMorgan Chase, with central bankers in Europe mustering up an aid package for debt-ridden countries.

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