Depository institutions – along with the top tier of companies that service loans pooled in mortgage-backed securities by Fannie Mae, Freddie Mac and Ginnie Mae – continued to pull back from the market during the second quarter of 2015, according to a new Inside Mortgage Finance analysis. Commercial banks, thrifts and credit unions serviced a total of $3.218 trillion of mortgage servicing rights connected with agency MBS as of the end of the second quarter. That was down 6.9 percent from the first quarter of 2015. Although depositories remain the dominant force in the agency MSR market, accounting for 64.2 percent of servicing on outstanding single-family MBS, nonbanks continued...[Includes four data tables]

The delinquent notes are being marketed in collaboration with Wall Street firms Credit Suisse, Wells Fargo Securities, and Williams Capital Group.

Selene CEO and industry veteran Larry Litton is retiring. Years ago Litton launched Litton Loan Servicing, which he eventually sold to Goldman Sachs.

CSS recently unveiled the trade groups that would participating in the IAG, but did not identify any individuals…

Despite shrinking housing receivables, Citigroup marked up the asset value of its MSR contracts to $1.924 billion, a 14 percent improvement from the end of the first quarter.

Meanwhile, the U.S. House of Representatives approved a modified bill that would require federal banking regulators to study the role of depository institutions in the MSR market.

CFPB chief Richard Cordray promised: "If we see errors, we’ll point out what they are and how they should be corrected. We will not be looking to be punitive toward people.”

One source close to Wingspan told IMFnews that many executives have been let go, including marketing director Guy Davies.

IMA Managing Member Tom Piercy said the advisory firm also plans to offer an $800 million package of Fannie Mae/Freddie Mac servicing rights.

According to IMF’s exclusive ranking, Cenlar ranked first among all subservicers at the end of the first quarter with an estimated $252 billion of contracts...