Mortgage servicing faces billion-dollar secondary crisis

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Donald Trump’s planned U.S. corporate tax cuts could translate to a big one-time earnings hit for many of the biggest U.S. banks, thanks to tax benefits they generated during the 2008 financial crisis.

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Alternatives to Strategic Default. Some options to consider rather than strategically defaulting are: Short sales. A short sale is when you sell your home for less than the total debt balance remaining on your mortgage and the proceeds of the sale pay off a portion of the mortgage balance. Keep in mind you might be subject to a deficiency.

The 15-year fixed-rate mortgage average 3.16% down nearly .09% from previous years. The fixed-rate mortgages are tracked by the 10-year U.S. Treasury note, which itself is down 0.36%. The drop-in rates and the treasury note are primarily due to the increased investment in more secure investments by investors that are fearing the increasing.

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REQUIRED READING: It was bound to happen. It was always known that the rapid market growth of the Federal Housing Administration’s (FHA) insured-loan portfolio in recent years had major implications for servicing, but how, exactly, that expanded footprint would translate on the back end was, for a long time, quite unclear. Even if the agency’s [.]

Fannie, Freddie set new short sale timelines Fannie and Freddie set new short sale guidelines. From freddie. freddie mac’s new short sale timelines require servicers to make a decision within 30 days of receiving either 1) an offer on a property under Freddie Mac’s traditional short sale program or 2) a completed Borrower Response Package (BRP) requesting consideration for a short sale under HAFA or Freddie Mac’s traditional short.

Bank of America – cut 114 jobs at Simi Valley, CA mortgage servicing unit Bank of America – cut 250 mortgage employees in Charlotte Bank of America – cut 200+ mortgage servicing workers in Norfolk, VA Bank of America – closed office in Rancho Cordova, CA, 160 home equity job layoffs Bank of America – cut 177 mortgage jobs in Texas

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