Mortgage Servicing

ARMCO Adds New Capabilities For Mortgage Servicers

Posted by Patrick Barnard on February 24, 2017

ACES Risk Management (ARMCO), a provider of financial quality control (QC) and compliance software, has improved the functionality to its ACES Audit Technology by allowing mortgage servicers to customize and internally standardize their customer questionnaires based on how they interpret [Read More]

Black Knight: Prepayment Speeds Down Nearly 30% In January

Posted by Patrick Barnard on February 23, 2017

Mortgage delinquencies (30 days or more past due but not in foreclosure) were at a rate of about 4.25% in January – a decrease of 3.85% compared with December and a decrease of 16.57% compared with January 2016, according to [Read More]

Mortgage Servicer BSI Financial Deploys Advanced Analytics Engine

Posted by Patrick Barnard on February 22, 2017

Mortgage servicer BSI Financial Services reports that it is now using an advanced analytics engine to monitor its approximately $10 billion servicing portfolio. Using this in-house-developed, proprietary analytics tool, BSI can identify and resolve issues with loans before they become [Read More]

SouthLaw Hires Two Associate Attorneys For Its Iowa Foreclosure Department

Posted by Patrick Barnard on February 22, 2017

SouthLaw PC, a law firm servicing the mortgage default servicing industry, recently hired two new associate attorneys for its Iowa Foreclosure Department located in the firm’s West Des Moines, Iowa, office. James J. Larson, who joined the firm in January, [Read More]

MetaSource Deepens Its Mortgage Offerings With Acquisition Of Orion Financial Group

Posted by Patrick Barnard on February 21, 2017

In a move that will expand and add depth to its existing lien release offering, business process outsourcing firm MetaSource is buying Dallas-based assignment, lien release and document retrieval firm Orion Financial Group for an undisclosed sum. MetaSource, which acquired [Read More]

myCUmortgage Launches Its Own Servicing Operation

Posted by Patrick Barnard on February 21, 2017

myCUmortgage, a credit union service organization wholly owned by Wright-Patt Credit Union, has launched a new mortgage servicing operation that focuses not only on relationship building, but also on superior member service, resulting in greater member retention. Basically, the company [Read More]

S&P/Experian: Mortgage Default Rate Up Slightly In January

Posted by Patrick Barnard on February 21, 2017

The default rate for first mortgages was 0.72% in January – up from 0.71% in December but down from 0.84% in January 2016, according to the S&P/Experian Consumer Credit Default Indices. The default rate for second mortgages was 0.48%, up [Read More]

SLK Global Introduces Real Estate Tax Services

Posted by Patrick Barnard on February 20, 2017

SLK Global Solutions, offering technology solutions for the banking, mortgage and title industries, has launched a new product for mortgage servicers called RETS (real estate tax services). The “client-centric” tax service is for commercial and residential portfolios. “Property tax assessment [Read More]

Freddie Mac Auctioning More NPLs

Posted by Patrick Barnard on February 20, 2017

Government-sponsored enterprise Freddie Mac is auctioning about $759 million in nonperforming loans (NPLs). The NPLs are being marketed via five pools: four standard pool offerings (SPOs) and one Extended Timeline Pool Offering (EXPO), which targets participation by smaller investors, including [Read More]

Mortgage Servicer Ocwen Settles With California Department Of Business Oversight

Posted by Patrick Barnard on February 20, 2017

Mortgage servicer Ocwen Financial will pay a fine of $25 million and will deliver about $198 million in debt forgiveness through loan modifications to California borrowers over a three-year period as a result of a settlement the company has reached [Read More]

Mortgage Servicing Industry Seeks To Standardize The Loan Modification Process

Written by Patrick Barnard on February 18, 2017

Can Quicken Loans do for mortgage modifications what it did on the front end for originations via Rocket Mortgage? During a lively panel session presented during the Mortgage Bankers Association’s (MBA) annual National Mortgage Servicing Conference & Expo 2017 in [Read More]

BB&T Opens New Mortgage Servicing Center In South Carolina

Posted by Patrick Barnard on February 17, 2017

Mortgage lender and servicer BB&T Corp., one of the largest financial services holding companies in the U.S., with $219.3 billion in assets and current market capitalization of about $38.1 billion, on Thursday held groundbreaking ceremonies for its new, 140,000-square-foot mortgage [Read More]

MBA: Rise In Q4 Delinquency Rate Due, In Part, To Spike In FHA Delinquencies

Posted by Patrick Barnard on February 16, 2017

Mortgage delinquencies (loans that are 60 days or more past due but not in foreclosure) were at about 4.80% as of the end of the fourth quarter – an increase of 28 basis points compared with the third quarter but [Read More]

CoreLogic: Completed Foreclosures Hit Pre-Crisis Low In December

Posted by Patrick Barnard on February 15, 2017

The approximately 21,000 completed foreclosures in December is less than the monthly average of about 22,000 seen in the pre-crisis years, between 2000 and 2006.

Number Of ‘Seriously Underwater’ Properties Shrank By 1 Million In 2016

Posted by Patrick Barnard on February 10, 2017

As of the end of the year, about 5.4 million properties in the U.S. were “seriously underwater” – a decrease of more than 1 million compared with 2015.

Delinquent Borrowers Tend To Use IRS Tax Refunds To Get Caught Up

Posted by Patrick Barnard on February 06, 2017

What do most Americans do with their income tax refund checks – should they be so lucky as to receive one? Why, pay bills, of course! Because, with the way things are, it’s not likely much of this “windfall” money [Read More]

Potestivo & Associates Hires Anthony J. DeClercq As An Associate Attorney

Posted by Patrick Barnard on February 02, 2017

Anthony J. DeClercq has joined the law firm Potestivo & Associates PC as an associate attorney supporting the litigation department in the firm’s downtown Rochester, Mich., office. DeClercq has gained a great deal of real estate and finance experience in [Read More]

LenderLive Names Bill Welch VP Of National Sales For Settlement Services

Posted by Patrick Barnard on January 31, 2017

Bill Welch has joined mortgage services provider LenderLive Holdings Inc. as vice president of national sales for the company’s settlement services division. Welch has more than 20 years of experience in financial services software. Most recently, he was CEO of [Read More]

Citibank Getting Out Of Mortgage Servicing Entirely

Posted by Patrick Barnard on January 30, 2017

The news follows the CFPB’s recent action against two Citibank mortgage servicing units for ‘giving the runaround to struggling homeowners.’

Webster Bank Renews Agreement For Black Knight LoanSphere

Posted by Lauren Tyler on January 26, 2017

Black Knight Financial Services (BKFS) says that Webster Bank has agreed to continue its use of LoanSphere MSP, Black Knight’s loan servicing system. According to BKFS, the MSP is a complete, scalable, end-to-end system used by financial institutions to manage all [Read More]