Tag Archives: Bank of America

After announcing Monday the sale of nearly $306 billion in mortgage servicing rights (MSRs) on 2 million loans, Bank of America might be looking to unload a little more. Reuters first reported Tuesday that the bank is planning to sell rights on at least another $100 billion of mortgages. BofA is likely to announce more MSR sales in the next several weeks, according to two unnamed sources who spoke to Reuters. Sales of servicing rights have become more prevalent as costs rise and servicers fall to bankruptcy, leaving hungry institutions to purchase their MSRs.

Nationstar Mortgage LLC has agreed to purchase residential mortgage servicing rights (MSRs) in the amount of $215 billion in unpaid principal balance from Bank of America.

Bank of America and Fannie Mae reached a $10.3 billion agreement Monday to resolve repurchase claims on loans originated from 2000 through 2008.

After losing a previous bid earlier this year, UBS is making another attempt to shut down a lawsuit from the Federal Housing Finance Agency.

Standardization and stability brought on by regulation will pave the way for a bright future for mortgage banking, FBR speculates.

Hiring in the mortgage industry increased in Q3 for the fifth straight quarter, according to Mortgage Daily's Mortgage Employment Index. The index shows 8,711 hires were made in the year's third quarter, up more than 3,000 from the last quarter and nearly 3,500 from Q3 2011. Even with an estimated 5,785 layoffs, the industry saw a net increase of nearly 3,000 jobs--more than double the gain in Q2. For 2012's first three quarters, mortgage and real estate finance companies recruited 7,230 more people than they've laid off.

Banks continued to enjoy boosted earnings in the third quarter from increasingly strong gain-on-sale (GOS) margins.

As of September 30, the five servicers named in the national mortgage settlement reported they have provided $26.11 billion in actual consumer relief.

Overall customer satisfaction with mortgage lenders is at its highest level in six years, according to a study released by J.D. Power and Associates. The firm's 2012 U.S. Primary Mortgage Origination Satisfaction Study showed customer satisfaction reached 761 (on a 1,000 point scale) in 2012, up from 747 in 2011. According to the findings, overall satisfaction received a boost from "steady improvements related to transparency and communication" over the past few years.

Bank of America announced it's on track to fulfill consumer relief requirements as part of the national mortgage settlement.