Our post closing support services provide our clients the opportunity to dedicate talented staff to new origination and/or acquisition functions,
avoid delinquent delivery penalties and transform their back office costs from fixed overhead to a variable, per loan expense.
Mortgage Market Needs Changes
A leading analyst sees many changes needed in the mortgage market. One of those changes is higher interest rates.
Meredith Whitney, founder and chief executive officer of Meredith Whitney Advisory Group noted that the Federal Reserve is evenly divided between raising rates and not raising rates.
But low rates haven't done much for the mortgage market because borrowers can't qualify or don't have enough equity.
GSE Execs Rack Up Tens of Millions in Legal Expenses
An inspector general report examined legal fees being paid on behalf of former senior executives of the Federal National Mortgage Association and the Federal Home Loan Mortgage Corp. One way that the two government-controlled enterprises can cut back on legal expenses is to stay all litigation until they are out of conservatorship since neither will ever be in a position to pay such fees.
The report highlighted the case of three former executives of Fannie Mae -- including its former chief executives officer, chief financial officer and controller -- who are accused of engaging in practices to artificially inflate the company's stock price.
The three settled with the Federal Housing Finance Agency's predecessor, the Office of Federal Housing Enterprise Oversight, in August 2008 for a combined $31 million.
HUD Clarifies HAMP Credits Toward Settlement
While some principal reduction on mortgages with government loan modifications can be credited towards the recent mortgage servicer settlement, the vast majority of loans modified under the federal program won't be eligible.
The Department of Housing and Urban Development says that incentives paid to servicers under the Home Affordable Modification Program cannot be used as credit towards the massive mortgage servicer settlement announced on Feb. 9.
HUD was responding to a news article that an article in the
Financial Times that, it says, argues HAMP subsidies are being used for credit under the settlement.
Mortgage Bankers Raise Origination Outlook
Home lenders cut their outlook for the volume of home purchases expected to be financed this year. But an increase in projected refinance production was enough to push the overall outlook higher.
The latest mortgage production forecast has first-quarter residential originations 6 percent higher than was predicted last month.
Even expected second-quarter financing was increased 2 percent.
Apartment Loan Performance Leads CMBS Improvement
Led by improving multifamily performance, past-due payments on securitized commercial mortgages retreated -- though so did the overall amount outstanding.
Delinquency of at least 60 days on loans that are part of conduit-fusion commercial mortgage-backed securities was 2 basis points better during January than in December.
But late payments on securitized commercial mortgages have worsened 29 BPS from January 2011.
Post closing audit and shipping services
Updated delivery requirements from the largest residential mortgage Investors are stored on our post closing system and recently originated loan files are reviewed for completeness and adherence to these requirements. If deficiencies are found, they are reported to our client contact for correction and curative efforts are initiated by our staff. Also, the files are reviewed for the existence of "at closing" conditions. Finally, the files are "stacked" in the order preferred by the applicable investor and uploaded or shipped to the Investor depending on their delivery preference. Purchase statuses are then tracked through the Investor websites. If requested, these files can be optically imaged and shipped or stored for the continuing use of the originator.
Government loan insuring services
Outsource Solutions performs the stacking, review, curative, submission, appraisal log in and all FHA Connection related input work and follow up tracking to endorsement.. Many of our clients have lender insurance designation and, for them, we assemble complete case binders and store them on our system should they be called for review by HUD. This service is a true "soup to nuts" service
Final Document Tracking and Retrieval
Loan level date and, if possible, closing agent information is delivered on all documents to be recovered. If necessary, Outsource Solutions will review files for necessary source data to retrieve the documents. As the documents are returned from county recording offices or title underwriters they are forwarded to us (or in some cases mailed directly to us) or we are notified of their arrival by our client. If the documents are not received in a specified time frame, generally 60 days after closing, sellers, title agents and counties are contacted repeatedly until the documents are received. Inclusive in this service is the reconciliation of Investor trailing document reports.
