Based on plunging consumer gripes sent to the CFPB, the mortgage market looks like it’s in great shape – with one glaring exception: mortgage servicing. According to a new analysis by Inside the CFPB of second quarter data from the bureau’s consumer complaint database, mortgage servicing saw a 17.5 percent jump in borrower grousing during the second quarter, but a milder 1.4 percent uptick from the first half of 2016. That latter level would be barely perceptible were it not in such stark contrast to the double-digit drop-offs seen in all other mortgage-related areas tracked by this publication. For instance, kvetching about loan modifications plummeted 81.5 percent from the first quarter of this year to the second, and [With exclusive data charts]...
Walter, the parent of Ditech Financial, said it expects to “acknowledge receipt” of the compliance violation and “notify the NYSE of its intention to seek to cure the deficiency…”
JPM reported mortgage banking income of $1.43 billion in the second quarter, off $103 million from the first quarter and down $495 million compared to 2Q16.
According to Fairholme’s math, the GSEs earn over $15 billion a year, and taxpayers own 80 percent of the companies (via the senior preferred). Berkowitz values the senior stock at $100 billion…
With refinance activity tapering off, the retail production channel lost some of its edge during the second quarter of 2017, according to a new Inside Mortgage Trends analysis of agency mortgage-backed securities. Retail production accounted for 50.6 percent of the $290.63 billion of single-family mortgages securitized by Fannie Mae, Freddie Mac and Ginnie Mae in the second quarter. Including modified loans and those with no channel identification ... [Includes one data chart]
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