Servicing

PHH Corp. agreed to a $45 million settlement to resolve allegations from 49 states and the District of Columbia that it engaged in "foreclosure process abuses" involving "inconsistent signatures" in its servicing business from 2009 to 2012. The settlement comes as the nonbank mortgage company continues its legal challenge to a separate regulatory action by the CFPB.

The seven largest national banks held less than 5% of loans that were delinquent at the end of the third quarter, the Office of the Comptroller of the Currency said Friday.

The long-running slide in mortgage payments 60 or more days past due will continue next year, and perhaps even longer as borrowers benefit from favorable economic conditions.

Cutting payments helps stave off default, but principal reduction on underwater loans and lower consumer debt levels are less effective, according to JPMorgan Chase Institute's new study of post-crisis modifications.

A provision in the original Senate tax reform bill would have required companies acquiring mortgage servicing rights to pay taxes upfront for their anticipated servicing income.

The Federal Housing Administration's recent actuarial report has added more fuel to the fire over concerns about reverse mortgages, including their effect on the overall FHA insurance fund and a rise in foreclosures.

The Federal Housing Administration was battered by losses this year from reverse mortgages, casting doubt on whether the agency will adopt an Obama-era proposal to reduce mortgage insurance premiums.

Fannie Mae servicers are facing pressure from the recent hurricanes, but so far are bearing up under the strain.

The Wisconsin credit union dialed up some help from Fannie Mae to streamline its mortgage loan process to better serve members.

The Michigan company's third-quarter results were down slightly from a year earlier despite increased commercial lending and a wider net interest margin.