Chase Eliminates Hundreds of East Coast Mortgage Jobs

Improved performance on its residential loans means that staffing needs in distressed servicing have diminished at JPMorgan Chase &Co. As a result, hundreds of employees located on the East Coast have been laid off.

As of Sept. 30, 2012, the New York-based company reported a mortgage staff of 47,412 people. While that represented considerable growth from fewer than 40,000 employees as of the end of 2010, it represented a decline from more than 50,000 people in mortgage lending at the end of 2011.

Helping to reduce staffing needs is improvement in Chase's residential delinquency, which had fallen to 5.1 percent as of the third quarter from more than 7.7 percent at the end of 2009.

Servicer Settlement Ends Foreclosure Reviews

The country's biggest mortgage servicers have reached an agreement with federal banking regulators that will end foreclosure reviews required under consent orders issued nearly two years ago.

Walter Continues Acquisition Spree

Walter Investment Management Corp. has recently had a voracious appetite for production and servicing assets, and now the growing firm has inked a deal to pick up another servicing platform.

MTAEdges Higher

Despite a decline in the underlying rate, the Monthly Treasury Average moved higher last month. Also recently higher was the share of prospective borrowers who are opting for adjustable-rate mortgages

Merger Creates 3rd-Largest AMC

An acquisition by a prominent appraisal management company promises to create the third largest AMC in the country.

Mother of All Repurchase Disputes Resolved</a>

An agreement reached between the Federal National Mortgage Association and Bank of America Corp. will resolve one of the largest repurchase rifts ever in mortgage banking history. In addition, servicing on more than $200 billion in residential loans is trading hands as part of the transaction and shaking up top-servicer rankings.

Mortgage Casualties Drop to Pre-Crisis Levels

The number of mortgage-related businesses to end operations during the final three months of 2012 was down by half from a year earlier. Full-year casualties fell to the lowest level since prior to the subprime crisis.

BofA a Top Performing Stock

It wasn't long ago that investors worried Bank of America Corp.'s July 2008 acquisition of Countrywide Financial Corp. was a money pit that would continue to place a drag on earnings.

Florida Legislation Would Speed Up Foreclosures

A bill submitted in the Florida legislature would fast-track the foreclosure process in the state and reduce liability on completed foreclosure sales. But the legislation proposes strict documentation requirements and a reduction in the statute of limitations for collecting a deficiency judgment.

LOs Revive Post-Holiday Mortgage Busines

Following three consecutive weeks of decline, loan originators managed a healthy post-holiday bump in new business. While new refinance business was strong, an even bigger jump was recorded for jumbo and adjustable-rate mortgages.