Loan servicing is about transaction-processing, not customer service, points out Guy Cecala of Inside Mortgage Finance, a newsletter.

ECONOMIST: Mortgage restructuring

The Cayman Islands company, Home Loan Servicing Solutions Ltd.

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While most residential-mortgage-loan servicing is concentrated among a few banks, Nationstar is a nonbank servicer, and has said it believes the industry is shifting toward nonbank servicers as banks seek to exit from the business, which can be volatile and capital-intensive.

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He wants to forge a joint venture with the mortgage firm, perhaps outsourcing some loan-servicing functions to Countrywide and also tapping its considerable expertise in the home loan sector.

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Mortgage servicers either originate their own loans or buy loan-servicing rights to them.

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This is a modest outlay by comparison with the past cost of servicing a loan.

ECONOMIST: House prices

So the immediate cost of servicing a standard repayment loan has become much more bearable.

ECONOMIST: Housing

They were paid a fee for selling the mortgage on, and another fee for servicing (collecting the loan payments), and even got additional fees if they had to foreclose.

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Also, like the big mortgage issuers on the mainland, he has a habit of booking paper gains on the servicing portfolio: As soon as a loan is closed, he books as income the value of the right to service it.

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Establish a compliance program to ensure mortgage-servicing and foreclosure operations, including loss mitigation and loan modification, comply with all applicable legal requirements and supervisory guidance, and assure appropriate policies and procedures, staffing, training, oversight, and quality control of those processes.

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