Banks are less aggressive these days when it comes to buying MSRs. But not all. JPMorgan recently acquired a $21 billion package of servicing rights from Rocket, the nation’s fifth-largest processor of loans.
If you’re looking for a sign that mortgage banking has bottomed, take a glance at the debt prices of nonbank lender/servicers. Many are up, though not all. Now, if only interest rates would cooperate.
Chase’s top officials shed light this week on how First Republic Bank’s high-quality mortgage assets and affluent borrowers fit right into the megabank’s wheelhouse.
FHFA is seeking input on the GSEs’ capital framework, which has major ramifications for pricing policies. According to the FHFA, Fannie and Freddie aren’t generating sufficient returns from their single-family business.
The reading for the total delinquency rate at the end of March was the lowest in the 20-year history of Inside Mortgage Finance’s large servicer delinquency index. Delinquencies are projected to increase as unemployment rises. (Includes data chart.)
A House subcommittee’s hearing this week focused on loan-level price adjustments set for the GSEs. While Republicans raised concerns with recent LLPA changes, Democrats defended the changes.
The Mortgage Bankers Association has raised concerns about GSE pricing for third-party originations in a comment letter to FHFA as the agency undertakes changes to its enterprise regulatory capital framework.
Subservicer ServiceMac stands to lose a large contract down the road once Mr. Cooper swallows the Home Point portfolio. But that’s the nature of the beast when it comes to being a third-party vendor.
The Mortgage Bankers Association has asked the CFPB to expedite changes to loss-mitigation requirements, noting that regulatory standards haven’t evolved to take into account changes in servicing practices.
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