Mortgage Servicing News articles from July 2004

Mortgage Servicing News archives from July 2004

Servicing Hedge Part of WaMu's Challenge.(Washington Mutual)
July 1, 2004... Everyone knows that loan origination volume is declining as rates rise, but when the nation's largest mortgage servicer warned that mortgage income is likely to fall short of expectations this year, it cited servicing rights as part of the...

Mortgage Insurance Cures vs. Delinquencies.
July 1, 2004... Primary Primary Month Cures Defaults Ratio April '03 46,882 45,098 104.00% May '03 41,672 51,255 81.30% June '03 43,560 48,156 90.50% July '03* ...

Rising Rates Putting Focus on Servicing.
July 1, 2004... With loan origination volume expected to decline, many lenders are expecting their mortgage servicing operations to drive profits over the next two years. And that is putting more focus on the factors that drive loan servicing revenue and...

Delinquencies Fall, Foreclosures Inch Up.(home loans)(Brief Article)
July 1, 2004... The overall seasonally adjusted delinquency rate for home loans fell by 16 basis points to 4.33% in the first quarter, but new foreclosures have increased slightly, according to the Mortgage Bankers Association. The MBA's quarterly...

VA Revamping Servicing Ops.(Department of Veteran Affairs's loan guarantee program)
July 1, 2004... The Department of Veteran Affairs is revamping its mortgage servicing operations and it has awarded a five-year $10.8 million contract for an automated loan servicing information system. This new technology will make it easier to monitor...

Fidelity Plans Spin-Off of Former Alltel, Other Information Units.(restructuring of Alltel Corp.)
July 1, 2004... The nation's largest service bureau for automating loan administration data appears to be headed for its second ownership change in as many years. Title insurance giant Fidelity National Financial, which less than two years ago bought the...

Roundup: Imperial Capital Bank Gets First Small Loan Rating.
July 1, 2004... Fitch Ratings has given Imperial Capital Bank the first primary servicer rating specifically designated for management of small loans in commercial mortgage backed securities. ICB received a "CPS3 Small Loans" rating from Fitch, making the...

Higher Rates Could Pose Threat.(interest rates/ mortgages)(Brief Article)
July 1, 2004... With interest rates rising and home prices poised to decline, the duration of RMBS transactions is likely to extend and defaults may rise, according to Standard & Poor's. However, S&P said that the potential rise in defaults and losses...

S&P Pitches 'Prudent Servicing'.(Standard & Poor's)(Brief Article)
July 1, 2004... In light of recent developments in the commercial mortgage-backed securities world, Standard & Poor's Ratings Services has clarified existing criteria regarding "prudent servicing practices." Specifically, S&P recognizes the industry focus...

Centex Affirmed for B&C.(Builds and Controls)(Brief Article)
July 1, 2004... Fitch has affirmed the ratings of Centex Home Equity Co. at "RPS2+" for primary servicing of subprime products. Fitch said the rating reflects the company's continued solid abilities to service, collect and liquidate subprime residential...

M&A Rumor Mill Heats Up.(mergers & acquisitions)
July 1, 2004... Speculation that the nation's largest mortgage servicer, Washington Mutual, might consider an acquisition offer were bandied about by the media last month. The company's CEO downplayed talk of a possible sale and the market seems to consider it...

GSEs Need Strong Regulation.(Government Sponsored Enterprise)
July 1, 2004... Sen. Shelby, R-Ala., is chairman of the Senate Banking Committee and a key player in the debate about possibly revamping oversight of the government-sponsored enterprises. This viewpoint is an excerpt of his statement at a recent congressional...

OCC Vies for Top Billing as Policeman for National Banks.(Office of the Comptroller of the Currency)
July 1, 2004... Over the past few years, state agencies have been active in enforcing laws that protect consumers against predatory lending, yet the Office of the Comptroller of the Currency still maintains it should have the final say when it comes to...

MBS Prepayment Rates Slow Down Sharply in May.
July 1, 2004... Prepayment rates for Fannie Mae and Freddie Mac mortgage-backed securities plunged among major coupons during the May reporting period. The constant prepayment rates of Fannie Mae 5.5% coupons fell the most in absolute terms, by as much as...

Loan Protector Adds Escrow Unit.(Loan Protector Insurance Services)(Brief Article)
July 1, 2004... Loan Protector Insurance Services, an outsourcer of insurance tracking and verification programs, has added a new department dedicated to researching, processing and verifying insurance documents for escrowed and impounded loans that are...

Roundup: Commentator Tells Borrowers How to Improve Credit Scores.(myFICO.com)(Brief Article)
July 1, 2004... Personal finance author Suze Orman has hit the bookstands on how to improve credit and correct credit bureau errors in simple ways that will eventually help save thousands of dollars in future interest rates through simple and innovative tools....

Cambridge Uses Sliding Fee.(Cambridge Credit Counseling Corp.)(Brief Article)
July 1, 2004... Cambridge Credit Counseling Corp. here has introduced the "75/50" plan, which implements a new sliding scale monthly fee structure that will allow the company to expand its services to a larger number of customers nationwide. The nonprofit...

Call Compliance Adds to Guide.(telemarketing)(Brief Article)
July 1, 2004... Call Compliance, a "do not call" compliance provider, said it has added a new section to its online compilation of state and federal telemarketing regulations. The new section provides a complete report on call monitoring statutes and...

NFIP Plans to Strengthen Its Portfolio Protection Program.(National Flood Insurance Program)
July 1, 2004... Flooding is the most common natural hazard in the U.S., yet the number of policies covered by the National Flood Insurance Program only grows by about 1% a year, according the Federal Emergency Management Agency. That means for the roughly...

Snapshot: NFIP.(policyholders)(National Flood Insurance Program)(Brief Article)(Illustration)
July 1, 2004... Number of policyholders 4.4 Million Annual growth rate 1% Targeted growth rate 5% Source: FEMA Copyright 2004 Thomson Media Inc. All Rights Reserved. http://www.thomsonmedia.com...

FASB Proposes Making 'Fair Value' Accounting Optional.(Financial Accounting Standards Board)
July 1, 2004... A controversial accounting change that had divided the mortgage industry may no longer be very divisive, but details of the new proposal remain uncertain. That's because the Financial Accounting Standards Board has proposed to let the...

Lenders Lobby for Renewal of Terror Insurance Availability Clause.
July 1, 2004... The approaching end-of-year deadline for the expiration of the "make-available" provision of the Terrorism Risk Insurance Act has pushed the commercial real estate financing industry to take proactive action. This provision requires insurers to...

Default & Loss Mitigation.(mortgages)(Brief Article)
July 1, 2004... The economy is strengthening, but not quickly enough for some mortgagors. Last month, the Department of Labor reported an unexpected rise in unemployment claims. And increasingly, many of the jobless are remaining out of work for longer periods...