Servicing

As 2016 lies just under one month away, the mortgage industry is already on top of what to expect in the coming year with predictions on what the housing sector may or may not bring.

The restructuring of mortgage servicing shops continues with Wells Fargo confirming Monday that the bank is moving approximately 350 home loan servicing members out of its offices in Charlotte, North Carolina.

Selene Finance, LP, a specialty mortgage servicer, has added Tom Donatacci is to lead all business development efforts in the role of EVP of Business Development. Donatacci previously served as EVP of Sales at Clayton Holdings. Prior to Clayton, he was the Senior Managing Director of sub-servicing and MSR transactions at GMAC ResCap.

Clayton Holdings LLC, recently announced the hiring of Mark Hughes as EVP of sales and marketing. The company provides of loan due diligence, surveillance, REO management, and consulting services to the mortgage industry.

Mortgages were most complained about at Ocwen and Nationstar Mortgage, but Ocwen's complaints have fallen 16 percent overall from in the last three months, while Nationstar's complaints rose 11 percent.

According to Freddie Mac, in the five year-period between 2008 and 2013, the cost of servicing a performing loan increased 2.6 times (from $59 to $156).

Commentary is an ongoing series on theMReport.com that focuses on opinions, ideas, and insights from experts across mortgage banking. We all have read the results from the CFPB eClosing pilot and can all see the tremendous benefits of eClosing. However, many lenders will get it wrong on their first attempt. Mark McElroy, President and CEO of Pavaso, Inc., says that the reason for this is short-sighted approaches based poor assumptions.

Nationstar Mortgage has agreed to pay $77 million to settle class-action suits filed by homeowners over the alleged inflating of homeowner insurance rates.

Aspen Grove Solutions (AGS), a provider of property centric technology solutions to the financial and mortgage services industry, has announced that the company is adding Brookstone Management, LLC ...

Fannie Mae and Freddie Mac recently announced that the standard mortgage modification interest rate will be under 4 percent for the first time ever since the benchmark was established in January 2012.