News

Ocwen Financial continues to make moves to expand its portfolio. The special servicer disclosed in a filing with the Securities and Exchange Commission that it has agreed to purchase $15 billion in mortgage servicing rights from JPMorgan Chase. It's the latest in a string of transactions bolstering Ocwen's portfolio, and the company's not stopping there. Ocwen says a new venture will allow it to compete for the servicing rights of newly originated FHA loans. It is also looking to expand into reverse mortgages and home equity lines of credit.

More than 445 nonprofit housing counseling agencies nationwide have one simple message for Congress: Restore housing counseling funds. Mandated federal budget cuts earlier this year stripped away $88 million in HUD funding that had been designated to support mortgage and foreclosure counseling programs. Those working on the front lines of the housing crisis everyday say counseling is critical to assisting distressed homeowners, and they're calling on lawmakers to restore funding at the level of $60 million.

Sen. Bob Corker of Tennessee has introduced a bill aimed at winding down the GSEs and bringing uniform standards to the industry. Coker's proposal would gradually reduce the amount of new mortgage backed securities (MBS) issued by Fannie Mae and Freddie Mac over 10 years. At the end of the 10-year period, the MBS market would be completely private. The bill also mandates sales of the GSEs' technology and other systems to private investors, and calls for a replacement to the MERS registry system.

Florida-based eMASON Inc. has been named the 2011 Technology Company of the Year by the Tampa Bay Technology Forum. The honor was announced at the Forum's 8th Annual Industry Awards ceremony on November 4th in Tampa, Florida. Winners were selected by a panel of judges and awards were presented in the company of 400 industry professionals. eMason provides stakeholders within the mortgage market with solutions to automate their business processes.

Three mortgage servicers have voluntarily entered into an agreement with the New York State Department of Financial Services in which they pledge to abide by upgraded mortgage servicing standards that ensure fairness for all borrowers. The agreement was forged between Benjamin M. Lawsky, superintendent of the state regulatory agency, and Morgan Stanley and its Texas-based servicer Saxon; American Home Mortgage Servicing, also based in Texas; and Vericrest Financial, based in Oklahoma.

Matt Martin Real Estate Management (MMREM) has named mortgage industry veteran Timothy Walsh to the position of executive vice president. MMREM is a national asset management and disposition firm that deals with multiple federal agencies, mortgage servicers, investors, and insurers. Its affiliate company Sperlonga Data & Analytics provides solutions to facilitate the resolution of homeowners associations' (HOAs) claims for unpaid fees. Walsh was also named as executive vice president of Sperlonga Data & Analytics

Mortgage Contracting Services (MCS), a Florida-based provider of property preservation, inspections, and REO property maintenance services, has introduced its Vendor eLearning Portal. The online platform enables 24/7 access to educational modules and reference documents on preservation guidelines as well as compliance topics. MCS maintains a nationwide network of licensed and insured preservation subcontractors.

The average 30-year fixed-rate mortgage came in at 3.99 percent this week, according to data released Thursday by Freddie Mac. It's the second time this year the rate has dropped below the 4.00 percent mark, and is the second lowest reading in the history of the GSE's survey. It averaged 3.94 percent for the week ending October 6, 2011. Freddie Mac described rate movement overall as ""changing little"" amid a mix of economic data reports, with most loan products up or down just 1 to 2 basis points.

Home prices rose 4 percent during the third quarter, according to the latest IAS360 index from Integrated Asset Services. The index also posted a 0.4 percent gain from the beginning of the year and a 0.6 percent gain from the third quarter of last year. ""I did a double-take when I saw the numbers,"" says Paul Sveen, CEO of Integrated Asset Services. He says the market is behaving like it's already hit bottom, but it's likely just the calm before the storm considering the large volume of distressed properties hidden in the shadows.

Mortgage insurer Radian Guaranty Inc. trimmed its inventory of delinquent loans during the month of October by 136, as new delinquencies and cures came close to breaking even. The company ended the month with 110,614 loans in its primary delinquent portfolio, down from 110,740 at the beginning of October. The company says it wrote $2.07 billion in new primary mortgage insurance coverage during the month of October.