Banks and thrifts handled slightly less servicing for others as of the end of June. Still, a metric tracking the fair value of MSRs at banks increased during the second quarter. (Includes data chart.)
Early-stage delinquencies increased at large servicers during the second quarter of 2023. Servicers anticipate further declines in loan performance. (Includes data chart.)
The company, however, remained the top servicer for loans in non-agency mortgage-backed securities issued in the second quarter of 2023. (Includes data chart.)
Mr. Cooper’s servicing portfolio is expanding while the number of employees in the nonbank’s call center is declining. Investment in technology is helping to reduce costs and fuel servicing growth.
A $9.9 billion fund established by the federal government to help borrowers avoid foreclosure is seeing growing use. Some $1.2 billion in funds from the Homeowner Assistance Fund were distributed in the first quarter.
MISMO is helping to facilitate collaboration between servicers and federal regulators to improve the servicing transfer process. The CFPB is also keeping a close eye on complaints tied to servicing transfers.
The Mortgage Bankers Association has asked the CFPB to expedite changes to loss-mitigation requirements, noting that regulatory standards haven’t evolved to take into account changes in servicing practices.