Servicing

The watchdog claims that during internal testing, the company illegally processed $2.3 billion in mortgage payments.

A West Virginia homeowner is suing the banking giant for charges incurred when paying by phone, claiming breach of contract and violation of consumer protection laws.

But when compared past periods of upheaval, those rates remain relatively low, the Mortgage Bankers Association report showed.

Citing "changing market dynamics," the company announced it will exit mortgage lending this summer.

Consumers are receiving demand letters on loans they have not had any communication about in at least 10 years, the regulator said.

Chase, Wells Fargo both reported increased gain on sale margins in the first quarter over the fourth, a potentially promising indicator for upcoming IMB earnings.

The new foreclosure prevention option will be available for servicers' use on a voluntary basis starting on July 1 and will become mandatory in situations where it's appropriate for borrowers beginning Oct. 1.

Overall, depository share has shrunk, but the major player, which had reduced its involvement, has been increasing it and recently shared some thoughts with a HUD official.

Non-depositories now dominate home lending, but many of these firms were untested until they had to grapple with the current rising rate environment. How they fare could significantly impact the rest of the mortgage market and, more specifically, the Government National Mortgage Association.

The shift opens the door for regional banks to increase their aggregation activities, analysts said.