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Production Earnings Decline in 2Q10 Despite Increased Origination Volume
Mortgage bankers reported mixed results on the profitability of their loan origination businesses during the second quarter, but the overall direction pointed to lower earnings on increased volume.
An Inside Mortgage Trends analysis of earnings reports from nine lenders representing a range of size and business strategy found... [Includes one data chart and one graph]
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Industry Sees Quicker Progress to Paperless
Mortgage industry professionals see the industry moving more quickly to a paperless environment than they did two years ago, according to the latest “path to paperless” survey by Xerox Mortgage Services. The majority of respondents, 82 percent, believe that it will take anywhere from...
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Banks Build Up Repurchase Reserves
Large bank mortgage lenders face “an extremely adverse scenario” if Fannie Mae and Freddie Mac push back a significant share of the defective mortgages they have on their books, according to a FitchRatings report. The two government-sponsored enterprises held some $354.5 billion of troubled mortgages at the end of June, the rating service noted, suggesting...
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Loan Mod Dropouts Rise, Will Outpace New Trials
The Obama administration’s housing rescue efforts continue to generate uneven results. Almost half of the homeowners who are trying to tap into the Home Affordable Modification Program have been dropped, mostly because of documentation issues, according to the latest data released by the Treasury Department. Do not expect it to...
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MERS Conflict Lives on in New England
Maine became the latest state to come down against the Mortgage Electronic Registration System on the question of whether MERS, as “nominee” for the lender under the mortgage, has standing to initiate a foreclosure action. Although the ruling raised further questions about MERS’ legal standing, as a practical matter it does not appear to...
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LoanPort Helps Ease Loan Mod Bottleneck
A collaborative technology project built by mortgage servicers, housing counselors and secondary market investors is helping streamline the cumbersome process of tailoring loss mitigation strategies for homeowners, industry officials say. The HOPE Now Alliance began developing the online portal HOPE LoanPort back in January as way to...
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LPS Network Aims at Lower Cost, Better Service
Lender Processing Services Inc. last week announced plans to create the LPS Strategic Partnership Group, a network of mortgage foreclosure service providers, to lower default-related costs and promote efficiency. LPS, which provides integrated technology and services to mortgage and real estate industries, said...
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Technology Briefs
Blue Horizon Capital, a private investment firm headquartered in Los Angeles, recently acquired Tustin, CA-based Veri-tax LLC, a provider of tax verification and fraud management solutions to the mortgage lending and consumer credit industry. The acquisition, completed on July 28 for an undisclosed sum, will provide...
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