Investments in technology are helping Mr. Cooper reduce its servicing costs and allowing the industry’s largest servicer to place competitive bids on servicing portfolios.
Large nonbanks serviced 40.0% of all loans in mortgage-backed securities issued by Fannie Mae and Freddie Mac as of the end of September. (Includes two data tables.)
Overall nonprime mortgage servicing portfolios remained steady in the second quarter despite some sizeable increases at some servicers. (Includes data table.)
Servicing issues remained the top type of mortgage-related complaint received by the CFPB. The only mortgage category to see an increase in complaints was loan applications. (Includes two data tables.)
Chase remains the largest servicer of GSE loans at the halfway mark this year, but a 16.4% surge in volume at Mr. Cooper Group, the number two GSE servicer, cut deeply into Chase’s lead. (Includes two data tables.)
Citizens Bank left the wholesale channel amid weak margins; Mr. Cooper’s cyberattack recovery includes large expenses for borrower services; new leader at broker group; Consolidated Analytics acquires Real Info; customer relationship management tool with artificial intelligence for loan officers.
The shifting volumes of the nation’s top servicers reflect MSR strategies in the tight mortgage markets since the Fed began raising rates. (Includes two data tables.)
FDIC member suggests delaying capital requirements; Ginnie strengthens reporting requirements for nonbanks; confusion on Mr. Cooper’s reporting to Ginnie MBS investors; GSEs prep green disclosures; LendingPoint securitizations on watch for downgrade amid servicing issue.