Servicing

New York Attorney General Eric T. Schneiderman revealed plans Monday to take legal action against Bank of America and Wells Fargo for allegedly violating terms under the national mortgage settlement reached in February 2012. The AG's office also revealed Schneiderman sent a letter last week to the settlement monitor Joseph Smith and to each member of the Monitoring Committee notifying them of his intention to sue the banks if the committee does not act.

W.J. Bradley Mortgage Capital, LLC, a privately held mortgage banking firm headquartered in Centennial, Colorado, announced that it is taking in the principals and employees of Legacy Group Lending, Inc., of Bellevue, Washington.

As the spring homebuying season moves into full swing, the American Land Title Association (ALTA) is encouraging consumers to consider title insurance to make sure their American dream is protected.

According to NAHB, the number of housing markets showing "sustained improvement" fell to 258 from April's 273.

In an analysis released in response to the Census Bureau's report that homeownership hit an 18-year low in the first quarter, Capital Economics warns that we may not have seen the bottom yet. The firm predicted last year that the homeownership rate would decline to a low of 64 percent--a forecast it insists will come sometime within the next year. One factor contributing to the downward trend in homeownership is tight lending standards, Capital Economics says.

Imagine if someone removed the speedometer from your car and then put limits on how fast or slow you could drive.

Sabal Financial Group announced the expansion of its commercial mortgage-backed securities (CMBS) business with the launch of Sabal Commercial Advisors.

A new report from the Consumer Financial Protection Bureau (CFPB) reveals consumer finance complaints filed by service members, veterans, and their families steadily rose throughout 2012. The report, released by CFPB's Office of Servicemember Affairs, shows the number of complaints rising steadily each quarter, closing the year at a total of 3,455. Mortgage complaints were by far the most common out of all categories, with a quarterly average of 52.3 percent of complaints focused on home finance products.

Pacific Union Financial, LLC, announced the addition of two new sales executives to their wholesale and correspondent lending teams.

The economy added 165,000 jobs in April, and the unemployment rate dropped to 7.5.percent, its lowest level since December 2008, the Bureau of Labor Statistics (BLS) reported Friday. Economists had forecast payrolls would grow by 153,000, and that the unemployment rate would remain at 7.6 percent.