Some industry reps say the omission of more guidance on cures will hurt the jumbo secondary market, where anxiety over assignee liability is high...

PennyMac is also a large subservicer with $52.0 billion worth of contracts on its books.

FHFA officials said the directive is not being made available to the public.

Overall, Fannie Mae’s bottom line was bolstered by a strong quarter for originations: $510 billion in the second quarter compared to $380 billion in the first, according to Inside Mortgage Finance.

Looks like JPMorgan Chase is getting ready to issue yet another jumbo MBS...

Under the agency’s current rules, residential servicers must tell a mortgagor about their foreclosure prevention options just once over the life of a loan.

The Consumer Financial Protection Bureau is not proposing any additional cure provisions in its proposed rule to update and clarify certain aspects of its Truth in Lending Act/Real Estate Settlement Procedures Act Integrated Disclosure rule, known as TRID. The TRID 2.0 proposed rule was released late last week. Former CFPB official Quyen Truong, now a partner in the Washington, DC, office of the Stroock & Stroock & Lavan LLP law firm, told...

Nonbank jumbo originators may soon find themselves at a pricing disadvantage to depositories thanks to recent events beyond their control: two jumbo conduits calling it quits and updated regulatory language that offers no comfort when it comes to curing “TRID” errors. Industry veteran Bill Dallas, who runs nonbank lender Skyline Home Loans, Calabasas, CA, put it bluntly, saying: “Banks appear to be the big jumbo winners – Union Bank and others.” He said jumbo production is a low-margin business but a necessity in California. The CEO noted...

Eight of the top 10 mortgage servicers reported declining portfolios during the second quarter of 2016, an unusual highlighting of long-term trends still underway in the market. The only top 10 lenders to actually increase their servicing portfolios during the second quarter were U.S. Bank Mortgage, fifth on the list of servicers, and Quicken Loans, number 10, according to a new ranking and analysis by Inside Mortgage Finance. It’s...[Includes one data table]

In the second quarter, sharply lower interest rates continued to wreak havoc on the asset value of mortgage servicing rights, causing financial damage at banks and nonbanks alike, according to interviews and analysis by Inside Mortgage Finance. At June 30, Wells Fargo valued its residential MSR portfolio at 68 basis points, down from 77 bps a year ago. Bank of America cut its capitalized MSR from 78 bps in June 2015 to 51 bps at the midway point this year. And JPMorgan Chase lowered its MSR ratio to 81 bps at the end of June, compared to 105 bps a year ago. As Keefe Bruyette & Woods put it, “MSR interest rate marks were...