Commercial banks – the megabanks in particular – appear to be moderating their retreat from servicing loans pooled into Fannie Mae, Freddie Mac and Ginnie Mae securities. But most of the largest gains in the third quarter came from nonbanks with one glaring decline: Ocwen Financial. According to loan-level data compiled by Inside Mortgage Finance, Ocwen serviced $64.22 billion of agency collateral at Sept. 30, a blood curdling 33.7 percent sequential drop and a sign that al-though the publicly traded nonbank plans to remain a servicer of conventional loans, it continues to sell mortgage servicing rights and deleverage its balance sheet. The megabanks – Wells Fargo, JPMorgan Chase, Bank of America and U.S. Bank – ranked...[Includes two data tables]
Mortgage bankers have been obsessed with regulation for the past five years, with good reason. Yet there was a sense at this week’s annual convention of the Mortgage Bankers Association that the industry is ready to move on. The natural turning point is that the Consumer Financial Protection Bureau has wrapped up the major pieces of its rulemaking mandates from the Dodd-Frank Act. The new final rule on Home Mortgage Disclosure Act reporting was released late last week, and the widely-dreaded integrated-disclosure requirements went into effect early this month. The so-called TRID still doesn’t sit...
Michael Fratantoni, chief economist at the Mortgage Bankers Association, said the GSEs’ back-end risk-sharing deals do not represent the type of reform most industry participants would like to see.
CFPB Director Richard Cordray had his turn next: “Prophets of doom have warned of delays in closings and the need for consumers to buy longer rate locks because of their failure, or perhaps refusal, tounderstand the requirements of the three-day waiting period,” he said.
Some observers believe the CFPB is questioning whether certain LOS vendors are qualified to serve the industry, fearing a potential crackdown on such companies.
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