Eight of the top 10 mortgage servicers reported declining portfolios during the second quarter of 2016, an unusual highlighting of long-term trends still underway in the market. The only top 10 lenders to actually increase their servicing portfolios during the second quarter were U.S. Bank Mortgage, fifth on the list of servicers, and Quicken Loans, number 10, according to a new ranking and analysis by Inside Mortgage Finance. It’s...[Includes one data table]
Mortgage industry trade groups filed a brief last week asking the Supreme Court of the United States to take up a case involving fees charged by Connecticut aimed at mortgage recordings by Mortgage Electronic Registration Systems. In February, Connecticut’s Supreme Court upheld fees imposed by the state in 2013 that tripled charges for mortgages recorded with MERS compared with non-MERS recording fees in the case of MERSCORP Holdings v. Dannel Malloy. In the new brief, industry participants caution...
Banks that participate in third-party lending, including mortgage originations, would be subject to greater scrutiny, according to proposed examination guidance issued late last week by the Federal Deposit Insurance Corp. The FDIC said third-party lending is an arrangement that relies on a third party to perform a significant aspect of the origination process, including marketing, borrower solicitation, underwriting, loan pricing, loan origination, customer service, consumer disclosures, regulatory compliance, servicing, debt collection, and data collection, aggregation or reporting. An agency spokesperson said...
The company has been diversifying heavily into subservicing contracts and over the past year has struck outsourcing deals with USAA and Seneca Mortgage Servicing.
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