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Mortgage Loan Servicing News

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Current Servicing Headlines
Last Updated Thursday, September 02, 2010 10:03 AM Texas Time

Credit Agencies Sued Over Bankrupt Account Reporting
RICHMOND, Va. -- A group of consumers in Virginia who have previously filed bankruptcy are suing the credit repositories because their former debts don't show as discharged on their credit reports and instead show as outstanding and delinquent. In other credit-related litigation, one borrower claims that after two of the credit agencies settled a lawsuit she filed against them, she began receiving calls from creditors trying to collect someone else's debt. So she is back in court.

For three years, Sharon Ross has battled with credit-reporting agencies.

Last year, she sued two of the big three agencies for mixing her credit history with that of a stranger in Chicago -- a place where she neither had worked nor lived.
read full story

Over 1,000 Layoffs as Servicer Offices Close
HomEq Servicing offices in California and North Carolina are shutting down -- impacting more than 1,000 employees. The office closings follow the sale of the company by Barclays bank PLC.

Bank Performance Improves
Over the past year, banks and thrifts have reduced their mortgage holdings and improved their earnings. More recently, the number of bank employees rose -- though so did the number of troubled institutions.

Employees Await Fate as Subprime Servicer Acquired
The acquisition of a servicer in California has hundreds of employees wondering whether they will be laid off. The deal involves servicing rights on more than 100,000 mortgages.

Improvement in Delinquency Driven by Mods
A just-released ratings agency report indicates that loan modifications are having a positive impact on residential delinquency.

Merger Creates Top-10 Subprime Servicer
An upcoming acquisition of a default servicer is expected to create a new top-10 servicer of subprime mortgages and boost demand for servicing portfolios.

M.I. Volume Falls, Default Rise
After five months of rising volume, mortgage insurers wrote 7 percent fewer policies last month. But when compared to the frenetic pace set earlier in the decade -- monthly M.I. business is down by more than 90 percent. Defaults rose for the second consecutive month.

Credit Union Growth Slows, Delinquency Mixed
Credit unions saw quarterly growth in outstanding loans, deposits and membership -- albeit at a nominal rate. Late payments rose on fixed-rate mortgages but improved on loans with adjustable rates.

American Home Sued Over Servicing Practices
A lawsuit filed by the Texas attorney general alleges violations of the state's mortgage servicing laws byinsurance and taxes even though they didn't owe such expenses.

Servicer Rating Lowered at Goldman Unit
The subprime mortgage servicing subsidiary of Goldman Sachs was hit with a servicer rating downgrade.

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.

Foreclosure News | Foreclosures Statistics | Foreclosure Resources

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.

Repurchase News
Stories about repurchase demands and how to manage them.
Servicing Technology


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Loan Modification News
Loan modification activity, reports and legislation.

Delinquency Statistics
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