Volume 2014 - Number 42
November 7, 2014
BNYM Looking to Increase its Master Servicing In Non-Agency MBS Market; Wells Dominates
Bank of New York Mellon is looking to increase its master servicing activity on residential mortgages, according to officials at the firm that acquired the master servicing unit from JPMorgan Chase in October 2006. However, BNYM is up against stiff competition, including Wells Fargo, a dominant presence in master servicing for non-agency MBS. BNYM is focusing on growth opportunities from managing new funds in traditional residential mortgages as well as new loan types, according to a recent report by Fitch Ratings. In September, Fitch downgraded BNYM’s master servicer rating due to compliance issues, organizational changes and low activity in recent years. The firm has...
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This weekly covers the secondary mortgage market, including mortgage-backed securities and asset-backed securities.
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