Among the top five agency MBS issuers in the first quarter, three were nonbanks: Quicken, PennyMac and UWM, according to exclusive figures from Inside Mortgage Finance...
Megaservicer Mr. Cooper anticipates a large MSR mark for the first quarter, thanks to lower rates and COVID-19. The big question: How bad will it be for the rest of the industry?
The six-month tally would be at least $45 billion. The calculations from the research firm take into account prepayment cash flows buffering principal and interest advance requirements.
At March 31, Mr. Cooper serviced $629 billion worth of home mortgages, including $129 billion of Fannie Mae/Freddie Mac product and $108 billion of Ginnie Mae loans. However, roughly half its portfolio, $317 billion, is represented by subservicing contracts.
Apparently, it’s not Ginnie Mae MBS payments that are keeping the 15 up at night, but remittances on Fannie Mae and Freddie Mac single and multifamily securities. Private-label products also pose a concern.