The largest subprime servicers should be able to move ahead with loan modifications now that they have worked through most of the problems associated with the requirements of the mortgage-backed securities contracts, according to Iowa Attorney General Tom Miller."They feel they have the discretion and authority needed to make loan modifications where those modifications benefit the investor and homeowner," Mr. Miller told the House Financial Services Committee. "Upwards of 95% of the pooling and servicing agreements do not pose significant constraints, according to the servicers we have met with." Mr. Miller heads up a working group of state AGs and banking regulators that met with the 10 largest subprime servicers in September and plans to meet the 10 next-biggest servicers during the week of Nov. 5. He noted, however, that piggyback 80/20 loans are a problem because the first and second loans are in separate securitizations with different investors and servicers.
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The incentive, meant to ramp up activity in Rocket's broker channel, is valid from Nov. 5 to Nov. 17.
1h ago -
Low supply and production volumes, though, have left values competitive, with two segments in particular holding promise for favorable returns, a new report said.
2h ago -
The company formerly known as Ocwen improved results on several fronts even though a secondary market price change reduced origination profits in one channel.
3h ago -
Analysts are watching both Vice President Kamala Harris and former President Donald Trump for potential regulatory picks, as well as how strongly Trump advocates for policies like tariffs and deportations that could impact the economy, inflation and bankers' prospects.
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Leaders at financial institutions said borrower demand should pick back up, if slowly, following Tuesday's vote.
November 4 -
Even as home equity withdrawals hit a two-year high, utilization rate remained less than half of normal, ICE Mortgage Technology said.
November 4