The Federal Housing Finance Agency this week directed Fannie Mae and Freddie Mac to provide a lot more transparency in the fledgling process of selling nonperforming loans, or NPLs, and to make sure borrowers are taken care of in the process. Freddie this week announced details on its second NPL sale; Fannie has not yet done such a transaction. But both government-sponsored enterprises are expected to emphasize selling their less-liquid assets, such as NPLs and non-agency mortgage securities, as they continue to downsize their retained portfolios. The new guidelines cover...
The bid price for “flow” mortgage servicing rights is beginning to soften, having fallen from the peaks seen in the summer of 2014, according to both investors and certain advisors running the deals. But if a buyer of flow product is looking for bargains, it’s not likely to happen anytime soon. In other words, prices have drifted down, but are hardly cheap. In fact, a handful of sources contend that Nationstar Mortgage – one of the most active flow buyers of the past year – has ceased...
Mortgage delinquencies continue to decline, prompting servicers to focus on customer service and refinances as opposed to loan modifications. The Inside Mortgage Finance Large Servicer Delinquency Index declined by 32.7 basis points in the fourth quarter of 2014 compared with the previous quarter. The 24 servicers tracked by the index had a delinquency rate of 6.34 percent in the fourth quarter compared with a rate of 7.59 percent in the fourth quarter of 2013. The Inside Mortgage Finance data are not seasonally adjusted. Improvements in performance were seen...[Includes one data chart]
Congress should encourage stronger credit enhancements and greater use of risk sharing to limit government exposure to mortgage losses, according to industry representatives. Testifying before the House Financial Services Subcommittee on Housing and Insurance, Rohit Gupta, president and chief executive of Genworth Mortgage Insurance, said the industry is not only highly capitalized and strongly regulated, but has a proven countercyclical credit enhancement that reduces taxpayer exposure. “We are...
The most aggressive bidders for high-performing mortgage loan officers are nonbanks, which have been steadily stealing market share away from the megabanks...
Although George Ellison’s salary was not disclosed in the press release announcing his employment with the company, a subsequent filing provided details: $450,000 per year, another $450,000 in incentive bonuses...
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