Just days into the new year, Mr. Cooper agreed to buy Seterus and its $48.0 billion servicing platform. Now comes the big question: Which firm or portfolio is next on its hit list?
It was a busy week for channel and branch disgorgements with two national lenders announcing transactions they hope will prepare them for a difficult market in 2019.
The steady decline in interest rates over the past four weeks had begun to spark a tinge of optimism among mortgage bankers that 2019 might turn out to be halfway decent after all. Then the government shutdown happened.
Lenders are not liable for a servicer’s failure to comply with the Real Estate Settlement Procedures Act, according to a recent ruling by the U.S. Court of Appeals for the Fifth Circuit. Such claims by borrowers have seen some success in district courts and this was the first time an appeals court considered the issue.
Joseph Otting, the comptroller of the currency, added the title of the Federal Housing Finance Agency acting director to his brief this week, effectively bringing the Mel Watt era at the agency to an end.
“The only way to get through that is to sell assets – and for many of them that means mortgage servicing rights,” Steve Harris of MIAC told Inside Mortgage Finance.
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