New research from Black Knight Financial Services finds that the underwater homeowner population has fallen to 1.8 million borrowers, dipping below 2.0 million for the first time since 2006. Researchers also expect “tappable equity” to hit a record high this summer, according to their new report on data from the first four months of 2017. “The steady upward trajectory of home prices continues to improve the equity positions of many homeowners,” said Ben Graboske, executive vice president ...

California remains the biggest purchase-mortgage market for private mortgage insurers, and it looks to be shifting away from FHA, according to a new Inside Mortgage Trends analysis of agency mortgage-backed securities data. In the second quarter of 2017, private MIs wrote coverage for $5.20 billion of California purchase mortgages – or 36.0 percent of insured loans in the state. A year ago, the private MI share was 33.1 percent. Over that period ... [Includes one data chart]

Fannie Mae and Freddie Mac acquired $57.17 billion of single-family loans with private MI coverage during the second quarter…

The deals are the subject of a lawsuit filed by MBS investors alleging that Wells Fargo failed to perform its duties as trustee...

The Seneca MSR portfolio is top heavy with California product…

One negative effect: the costs required to service both performing and nonperforming loans have increased substantially.

The top three Ginnie Mae issuers in 2Q17 were PennyMac, Wells Fargo and Freedom Mortgage…

The $5.5 billion (to be) paid by RBS should boost GSE earnings big time...

Although Fannie Mae and Freddie Mac saw a 13.1 percent drop in new single-family business during the second quarter, the flow of home loans covered by private mortgage insurance was up, according to an exclusive analysis and ranking by Inside Mortgage Finance. The two government-sponsored enterprises acquired some $57.17 billion of single-family loans with private MI coverage during the second quarter, including a small amount of modified mortgages. That represented an increase of 9.8 percent from the first quarter. But the flow of loans without MI coverage sank 18.6 percent. The key factor was...[Includes three data tables]

Two companies that were created earlier in the decade to buy mortgage servicing rights at rock-bottom prices are headed in different directions these days: Seneca Mortgage Servicing is exiting the business, while Pingora Loan Servicing is slated to change hands for the second time in a year. As Inside Mortgage Finance went to press this week, investment banker Houlihan Lokey was involved in direct negotiations to sell Seneca’s $53.6 billion servicing portfolio, which is considered pristine in nature. Investment banking sources said...