twitter linkedin
facebook google+

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from

Mortgage News Reprints
Put entire stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed stories free on your Web site or for your RSS reader.

News Archives
Archive of stories by month going back to 1999.

Press Releases
Reports and announcements from

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News


Mortgage News

HOT Topics









site map
Servicing News | Servicer Ranking | Delinquency Statistics
Stories about mortgage servicers, delinquency and f o r e c l o s u r e s. Coverage of servicing lawsuits and loan servicing technology.

Servicers' Ratings Jeopardized by Affidavits

Moody's warns about Litton, MetLife

Oct. 14, 2010

By staff

Possible irregularities in the foreclosure process at two mortgage servicers has their servicer ratings facing a possible downgrade.

Litton Loan Servicing LP's SQ2+ primary servicer quality rating for subprime mortgages was placed on review for a potential downgrade Thursday by Moody's Investors Service. Also on watch is its SQ2+ special servicer rating.

At issue are "possible irregularities in Litton's
foreclosure process which could result in delayed foreclosures and longer REO timelines, as well as reputational risk and legal challenges to previously completed foreclosures for the company," according to the New York-based ratings agency.

The Goldman Sachs unit reportedly announced on Oct. 8 that it would halt some foreclosures while it reviews procedures in the documentation review process.

Litton serviced 308,770 loans for $48.4 billion as of June 30, Moody's said.

Also placed on review was MetLife Home Loans' SQ2- primary servicer rating for prime mortgages. Moody's cited similar concerns as it did for Litton and noted that MetLife temporarily postponed foreclosure sales in some states.

Moody's said MetLife expects to re-file any necessary affidavits by November.

MetLife serviced $95.2 billion as of June 30.

PHH Corp. President and Chief Executive Officer Jerry Selitto issued a statement today that PHH Mortgage "has not halted foreclosures in any states and has no plans to initiate a foreclosure moratorium." He noted that the company has conducted "a comprehensive review of its foreclosure procedures" and is cooperating with its regulators.

PHH serviced $156.0 billion as of the end of June.

next story

back to current headlines

Mortgage Backed Securities | MBS News | MBS Statistics
News about commercial and residential mortgage-backed securities. Stories about ratings actions and changes to servicer ratings. Studies and reports about the performance of securitizations and problem vintages and classes. Subprime, Alt-A, home equity and j u m b o analysis.

Nonprime and Subprime News | Subprime Statistics
Stories about non-QM products. Coverage of subprime, Alt-A and
hard money lending. Home-equity loans and home-equity lines of credit.

Mortgage Lawsuits News | Mortgage Litigation Index
Mortgage industry lawsuit news and mortgage litigation coverage. Stories about legal settlements, judgments and mortgage class actions.

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter


mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders