Mortgage Servicers

Browse articles from all of our Newsletters related to Mortgage Servicers.

April 24, 2015 - Inside The GSEs

GSE Servicing Stagnant in 2015, Nonbank Servicers Witness Growth

The outstanding supply of Fannie Mae and Freddie Mac single-family servicing contracted slightly during the first quarter of 2015, but that didn’t stop a number of nonbank servicers from continuing to grow. The two GSEs had a total of $4.015 trillion of servicing attached to mortgage-backed securities at the end of March, according to a new Inside The GSEs analysis of MBS disclosures.That was down 0.1 percent from the fourth quarter of last year, although the MBS data usually don’t match aggregate disclosures made by the GSEs themselves and they don’t include non-securitized loans. The top five GSE servicers all saw their portfolios decline in early 2015. The biggest drops in percentage terms were by Chase Home Finance, down...(includes one data chart)


April 24, 2015 - Inside The GSEs

Freddie Mac Gears Latest NPL Auction to Smaller Investors

Freddie Mac, announced this week its first non-performing loan auction this week that primarily caters to smaller investors. The Extended Timeline Pool Offering of deeply delinquent NPLs gives investors who may need more time to secure funds for bidding a longer timeframe to do so. The loans for sale, all based in Miami-Dade County, FL, have an aggregate unpaid principal balance of $35 million. Having smaller pool sizes and a longer marketing timeframe differentiates the EXPO initiative from Freddie’s standard pool auctions. “This is intended to provide smaller investors extra time to secure funds to participate in Freddie Mac NPL auctions,” said the GSE. Qualified buyers have until June 2, 2015, to bid on the loans and the...


April 24, 2015 - Inside Mortgage Trends

Foreclosed Borrowers May Recover, Won’t Return

The majority of the 9.3 million borrowers who lost their homes between 2006 and 2014 will likely become eligible to re-enter the home purchase market within the next nine years, according to an analysis by the National Association of Realtors. However, only about a quarter of them are expected to actually return to the market. “The extended time needed to repair credit scores or save for a downpayment, combined with other overlapping post-distress factors on credit quality, such as ...


April 24, 2015 - IMFnews

What We’re Hearing: Ocwen Decides to Keep its Ginnie MSRs / What Will a Borrower See When It Googles Ocwen’s Name? / Quicken Gets Hit in the Mouth With a Fastball / More Red Ink for Stewart Title

Grid Financial consultant Paul Hindman is a true believer in brokers as is Mat Ishbia of United Wholesale Mortgage.


April 24, 2015 - IMFnews

Impac Sees 1Q Earnings Spike Thanks to CashCall, Deferred Tax Assets

Impac originated $2.85 billion of loans in 1Q15, a figure that includes production from CashCall.


April 24, 2015 - Inside MBS & ABS

Prime Auto ABS Collateral Weakening Continues, But Tax Refunds Appear to Provide Brief Respite

Two new reports from Fitch Ratings, taken together, indicate a modest weakening in the collateral backing U.S. auto ABS deals is continuing, with perhaps a temporary reprieve thanks to short-term cash flow positives for consumers, mostly tax refunds and lower gasoline prices. Still, the overall outlook is positive. U.S. prime auto ABS collateral has been marginally weakening in the last few years, most recently because of amped-up competition among auto finance companies, Fitch said in a report out this week, based on transactions issued between 2007 and fourth-quarter 2014. “The quality of prime auto loan securitized pools was...


April 23, 2015 - IMFnews

Short Takes: Some Lenders Think Mortgage Counseling is a Waste of Time / Credit Suisse Readies New Jumbo Deal / Originations Rise Slightly at BB&T / More MSR Deals / DocMagic Rolls out TRID Service

The top contributor to the new Credit Suisse jumbo deal is New Penn, which is controlled by MBS co-inventor Lew Ranieri.


April 23, 2015 - Inside Mortgage Finance

Green Tree Settles Servicing Allegations

Green Tree Servicing agreed to pay $63 million to settle allegations made by two federal agencies regarding its servicing practices. The settlement includes $48 million in consumer redress and a $15 million civil money penalty. Green Tree did not admit or deny the allegations. The Consumer Financial Protection Bureau and the Federal Trade Commission said...


April 23, 2015 - Inside Mortgage Finance

Nonbanks Continue Building Stake in Agency MBS Servicing Market, Top Banks Don’t Fight Erosion

The agency mortgage servicing market grew modestly during the first quarter of 2015, thanks to Ginnie Mae and Freddie Mac, according to a new Inside Mortgage Finance analysis of agency mortgage-backed securities disclosures. Lenders serviced a total of $5.287 trillion of single-family mortgages pooled in outstanding agency MBS as of the end of March, up 0.1 percent from the fourth quarter of 2014. The figures do not include unsecuritized loans guaranteed by the two government-sponsored enterprises or, in the case of Ginnie, FHA-insured reverse mortgages. And the numbers don’t perfectly synch up with aggregated reports by the agencies of their guaranteed mortgage debt outstanding. All three of the top agency MBS servicers had...[Includes two data charts]


April 23, 2015 - IMFnews

Five Oaks Ready to Issue First Jumbo MBS from Its Own Platform

Five Oaks will retain all the subordinate classes, the servicing rights and the IOs.


April 23, 2015 - IMFnews

Altisource Earnings Plunge 90 Percent, Cost Cutting Ensues, Including Layoffs

Most of Altisource's business is tied to Ocwen, which is in the process of ridding its servicing portfolio of agency loans.


April 23, 2015 - IMFnews

Agency MSRs: Nonbanks Continue to Steal Market Share From the Megabanks

Most of the slack is being taken up by nonbanks, which serviced $1.571 trillion of agency MBS at March 31.


April 22, 2015 - IMFnews

Short Takes: A HUD Settlement for Green Tree? / After Losing LeBron, Quicken Owner Fears Little / More Regs for AMCs / Lenders You May Not Know: First Cal / Freddie Gets New Chief Risk Officer

It's always possible that Green Tree could turn around and sue HUD before HUD sues them, which is what Quicken Loans did.


April 22, 2015 - IMFnews

Wall Street’s Return to Mortgage Lending: Blackstone Buys a Residential Lender

Is Blackstone's purchase of a mortgage lender a "one-off" deal or will other Street firms follow suit?


April 22, 2015 - IMFnews

Interactive Mortgage Advisors Unveils Two New MSR Deals

On IMA’s other deal, the brokerage firm is offering $100 million per month of Fannie Mae/Freddie Mac “flow” product.


April 22, 2015 - IMFnews

Redwood’s Latest Jumbo MBS Includes Highest Share Yet of Non-QMs

Some 97 lenders contributed to the pending security from Redwood, led by PrimeLending with a 9.0 percent share.


April 22, 2015 - IMFnews

Freddie Mac Gears New NPL Auction to Smaller Investors

Qualified buyers have until June 2 to bid on the Miami-based loans.


April 21, 2015 - IMFnews

Green Tree in $63 Million Settlement with the CFPB; Servicer Accused of Harassing Overdue Borrowers

First Ocwen, now Green Tree...


April 21, 2015 - IMFnews

Short Takes: MBA Backs Changes at CFPB / A Strong Quarter from MGIC / The Weekend the Lights Went out at FHA / S&P Puts Ocwen on Watch List / Executive Bolts Ocwen for Green River

The MBA is backing changes to how the CFPB functions...


April 21, 2015 - IMFnews

Glen Messina, PHH’s $7.4 Million CEO

for 2014, Messina's compensation package included a base salary of $930,436, stock awards of $2.3 million and $4.1 million in “non-equity incentive” pay.


April 21, 2015 - IMFnews

Cherry Hill Receives $25 Million Loan to Obtain Leverage on Excess Servicing

Earlier this year Cherry Hill agreed to buy Aurora Financial Group and its $700 million servicing portfolio for $4 million. Included in the purchase was Aurora’s agency approvals.


April 20, 2015 - Inside the CFPB

Consumer Mortgage Complaints Close to Free Fall in First Quarter

Mortgage-related complaints to the CFPB are falling through the floor on just about every key metric, according to the latest analysis of bureau data by Inside the CFPB, fueled mostly by a plunging in gripes about loan modifications. The data reflect the depressed levels of mortgage originations in recent years as well as a continued rebound in home price appreciation. The plunge is most notable when comparing first-quarter 2015 numbers with the same period last year. For instance, total consumer gripes about their home loans fell 33.5 percent in 1Q15 versus 1Q14. The fall in belly-aching about loan mods was even more dramatic, down 38.6 percent, the data show. Consumer criticisms about mortgage servicing also declined markedly but not quite ...


April 20, 2015 - IMFnews

Short Takes: The Quicken Data Dump to DOJ / Dan Gilbert’s Growing Portfolio of Detroit Properties / Ocwen Gets Extension / ASPS Grants Options to Executives / BofA and IBM?

The lender says government investigators have conducted lengthy depositions with numerous Quicken leaders…


April 20, 2015 - IMFnews

Marketplace Lender Ponders Non-Agency Mortgages

LendingHome is testing residential originations of non-qualified mortgages, among other products.


April 20, 2015 - IMFnews

VA Servicing Growing While FHA Market Shrinks

The trend reflects the surge in VA home loan originations over the past few years at a time when the FHA has lost market share to private mortgage insurers.


April 17, 2015 - Inside FHA/VA Lending

FHA Prepayment Speeds Above, Loss Rates Below Projections

Low interest rates have pushed FHA prepayments to 34 percent above actual predictions while claim payments are 24 percent below predicted levels in 2014, according to the agency’s most recent quarterly report to Congress. Actual loss rates of 47.43 percent remained below the actuarially projected 54.65 percent, the report showed. Meanwhile, the Mutual Mortgage Insurance Fund account balances totaled $46.2 billion in the fourth quarter, no change from the previous quarter ...


April 17, 2015 - Inside FHA/VA Lending

Reverse-Mortgage Lenders Seek Exclusion From Servicing Rules

The reverse mortgage lending industry is asking the Consumer Financial Protection Bureau to clarify that reverse mortgages are excluded from proposed changes to mortgage servicing rules relating to “successors in interest.” In a comment letter, the National Reverse Mortgage Lenders Association warned that requiring lenders to determine which parties meet a new regulatory definition of “successor in interest” could expose lenders to numerous, costly risks. The requirement would ...


April 17, 2015 - Inside FHA/VA Lending

VA Servicing Sector is Growing, While FHA Market Shrinks

The outstanding supply of VA home loans in Ginnie Mae pools continued to grow during the first quarter of 2015, climbing 2.9 percent from the end of last year, according to a new Inside FHA/VA Lending analysis of loan-level mortgage-backed securities disclosures. Meanwhile, the supply of FHA loans in Ginnie pools fell 0.5 percent during the first quarter. Similarly, FHA loans in Ginnie MBS declined by 2.2 percent from the first quarter of 2014 while VA loans ... [Includes three data charts]


April 17, 2015 - IMFnews

What We’re Hearing: Concern Over LPMI Discounting? / RoundPoint Still Hunting for a Suitor / A Book out on Seterus? / When Fannie Almost Bought Litton / loanDepot Claims It’s Among the Fastest

If Fannie Mae bought a servicing platform Congress, of course, would blow a gasket...


April 17, 2015 - IMFnews

Deal Agent Seen as ‘Centerpiece’ of Benchmark Non-Agency MBS Project

Laurie Goodman, director of the Urban Institute’s Housing Finance Policy Center, is among those who support Treasury’s push to include a deal agent in the benchmark non-agency MBS.


April 17, 2015 - IMFnews

Jumbo MBS Issuance Reaches Post-Crisis High

In the jumbo MBS sector, mortgage firms issued $4.60 billion of bonds in 1Q, a hefty 20.3 percent increase from 4Q and more than triple the volume posed during the first three months of 2014.


April 17, 2015 - IMFnews

FHA Recaptures Few of Its Refinances; Cut in Annual Premium Could Help

Where are these FHA loans migrating to? “Fannie Mae and Freddie Mac,” said Chappelle.


April 16, 2015 - IMFnews

Short Takes: So Much for the Moratorium on Captives Joining FHLBs / Nonprofits Stand Up for Ocwen / Ocwen Layoffs? / Time to Exit SFR? / CFPB Rule Update

Is the bloom off the rose in the single-family home rental market? Some institutional investors are shedding assets.


April 16, 2015 - IMFnews

Texas Depository Purchases 15-Year-Old Nonbank Mortgage Firm

In general, depositories have not been active buyers of mortgage companies, though that’s starting to change somewhat.


April 16, 2015 - IMFnews

1Q Residential Production at Citigroup Lags Peers; Servicing Continues to Shrink

Meanwhile, Citigroup continues to see its servicing “for others” portfolio shrink...


April 15, 2015 - IMFnews

Short Takes: Wall Street Firm Eyeing Mortgage Purchase? / SEC Won’t Take Action Against Carrington / Applications Decline Slightly / Relief for ‘Trailer Park’ Loans? / loanDepot Gets New Chief Credit Risk Officer

The Wall Street firm hunting for mortgage acquisitions is not a depository like JPMorgan Chase...


April 15, 2015 - IMFnews

Treasury Point Man on GSE Reform Defends PSPAs

The remaining undrawn taxpayer commitment to the GSEs is $258.1 billion dollars, Stegman noted.


April 15, 2015 - IMFnews

BofA Grows Originations by Almost 13 Percent; Layoffs Ensue

BofA continues to carve down the size of its mortgage servicing portfolio.


April 14, 2015 - IMFnews

Short Takes: Bank Servicers Better Positioned / Lenders Aren't Ready for TRID / Appraisal Issues / Foreclosure Trends

“The greater comfort that banks have in the current regulatory environment has situated them as more potential buyers of mortgage servicing product than was the case several years ago,” Fitch Ratings said.


April 14, 2015 - IMFnews

Ocwen Reports Fourth Quarter Earnings, Nonbank’s Auditor Has Concerns

Ocwen officials stress that the company has made significant progress in strengthening its operations and capital structure.


April 13, 2015 - IMFnews

Short Takes: Consolidation Among GSE Sellers / Chase Sells MSRs to SPS / House to Vote on Points-and-Fees Bill / Characteristics of Loan Shoppers

The share of GSE business that came from the top five sellers increased slightly in the first quarter of 2015 compared with the previous quarter.


April 10, 2015 - Inside Mortgage Trends

New Residential and HLSS Switch From Merger to Asset Purchase

New Residential Investment plans to complete an asset purchase with Home Loan Servicing Solutions instead of a merger, the firms announced this week. New Residential agreed to pay HLSS $1.4 billion, largely in cash. The sale substantially mitigates servicer advance funding risk, according to industry analysts. The firms said New Residential acquired substantially all of the assets of HLSS and assumed substantially all of HLSS’ liabilities ...


April 10, 2015 - Inside Mortgage Trends

JPMorgan Chase Adjusting Its Servicing Portfolio

Although JPMorgan Chase recently inked a deal to buy $45 billion of Fannie Mae mortgage servicing rights from Ocwen Financial, the bank plans to keep shedding receivables, at least over the short term. In particular, according to interviews with deal makers and analysts, Chase could see its “servicing for others” portfolio fall to $600 billion from $800 billion over the next few years before it begins rising again. “These reductions will come in the form of runoff and ...


April 10, 2015 - Inside Mortgage Trends

Experts Offer Tips on MSR Execution, Transfers

The vibrant market in mortgage-servicing rights challenges originators to figure out the best execution for the receivables they’ve created and for both sides of a servicing deal to make sure the transfer goes smoothly, according to industry experts. Nitin Dave, vice president for securitization and servicing at Southern Trust Mortgage, during a recent MSR conference sponsored by Information Management Network, noted that the market has become more dynamic as ...


April 10, 2015 - IMFnews

VA to Continue Streamlining Appraisal, Servicing Processes

The Department of Veterans Affairs will continue removing barriers to delivering home-loan benefits to veterans and service members in 2015, focusing more on further improvements in appraisal and servicing.


April 9, 2015 - IMFnews

Rushmore Increasing Its Special Servicing Portfolio, Looking to Performing Mortgages

A focus on special servicing has helped Rushmore Loan Management Services increase its portfolio in recent years. Standard & Poor’s also recently upgraded the firm’s special servicing rating to “above average.”


April 9, 2015 - IMFnews

Nearly 315,000 Borrowers Get Relief from Ocwen, SunTrust

The latest National Mortgage Settlement data from the Office of Mortgage Settlement Oversight shows that at least 314,485 borrowers received some form of relief from Ocwen and SunTrust combined through the fourth quarter of 2014.


April 9, 2015 - IMFnews

Fannie Announces First NPL Sale, Totals $786 Million

After much speculation, Fannie Mae announced on Wednesday its first ever auction of nonperforming loans to qualified bidders. It includes a pool of approximately 3,200 loans totaling $786 million in unpaid principal balance.


April 8, 2015 - IMFnews

Nonprime Lender Citadel Sees 2Q Run-Rate at $30MM Per Month

The Irvine-based Citadel continues to ramp up its staff and hopes to hire another 15 to 20 workers by the end of June.


April 8, 2015 - IMFnews

Principal Reduction Loan Modifications Less Frequent

The decline in the use of principal reduction mods is concentrated on bank portfolio loans as opposed to mortgages in non-agency MBS.


Poll

The Supreme Court recently decided that mortgage loan officers are entitled to overtime pay. How has this affected your shop?

It's a very big deal, but our company will limit OT pay or pay very little.
It’s sort of a big deal, but we have no plans to pay overtime pay at all.
We have no problem paying our LOs OT.
We’re still studying the case and have not yet decided what to do.

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