CHOICEReno eXPress, on the other hand, is targeted toward borrowers who need to finance relatively minor renovations. In designated Duty to Serve high-needs areas, the total cost of the rehab can’t exceed 15% of the appraised home value. Otherwise, the limit is 10% of the home price.

The agency noted, “A few servicers were outliers, reporting relatively higher average time to answer and abandonment rates.”

Overall, Wells Fargo continued to post the biggest earnings of the group...

The mostly wholesale originator (71.8% of production) funded $25.5 million in loans during the April-to-June period, down 13.5% sequentially.

Black Knight: “While some borrowers will elect to leave forbearance early between now and their final expiration, servicers are still facing significant operational challenges"...

Another record reading for mortgage employment? Looks that way...

United Wholesale Mortgage remained the top seller of broker loans with $41.07 billion during the second quarter, a 2.5% drop from 1Q21.

While numerous other issuers have rushed into the market with GSE-eligible loans in non-agency MBS, this is Chimera's first such deal of the year.

Commercial banks could, once again, become big players in the GNMA MSR market but few find that likely...

Servicing sales’ worst enemy: declining interest rates. Bulk transactions are weak while flow deals hold steady.