There were no seismic shifts in the demographics of the mortgage-servicing business during the third quarter of 2017, although a new Inside Mortgage Finance ranking and analysis revealed an unexpected decline in the total holdings of the top servicers and a shift in composition. The top five shops held a whopping $3.716 trillion of servicing on their books at the end of September, down 0.2 percent from the previous quarter. The only top-five servicer to ... [Includes two data charts]
In an attempt to help its smaller seller/servicers achieve better pricing on coissuance transactions, Fannie Mae will launch a new “Servicing Marketplace” designed as an upgrade to an existing program that some say was seldom used. The new platform allows sellers to choose a Fannie-approved coissuance servicer and commit to sell servicing rights at the same time they sell the loan into a Fannie mortgage-backed security. All transactions are on a bifurcated basis; that is, the seller is still ...
The possible sale of Nationstar Mortgage could have ramifications for a handful of other publicly traded nonbank mortgage firms, including Ocwen Financial, New Residential Investment Corp., and Walter Investment Management Corp. For now, Nationstar and its largest investor – Fortress Investment Corp. – are saying little about the matter, but it’s been widely reported the past week that SoftBank (soon to own Fortress) has hired investment bankers to explore a sale of ...
While the Department of Housing and Urban Development’s newly implemented FHA Loan Review System and its defect taxonomy has reduced lender exposure to false-claims risk, the system needs more tweaks to become fully efficient, says the Mortgage Bankers Association. While acknowledging great improvement in lender certainty and clarity regarding False Claims Act risk, the MBA wants to see “assignment-specific remedies” for each tier of defect severity. And though lenders say ...
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