Sales of agency mortgage servicing rights were up in the second quarter, mostly as a result of heavier coissuance volume, according to an exclusive new Inside Mortgage Trends analysis and ranking. Servicing rights on $129.57 billion of agency mortgages changed hands during the second quarter, up 6.4 percent from the first three months of the year. The data are culled on Fannie Mae, Freddie Mac and Ginnie Mae mortgage-backed securities ... [Includes three data charts]
Mortgage servicing is lagging behind other financial services in adopting digital capability and it is impairing borrower satisfaction, according to the results of the 2018 U.S. Primary Mortgage Servicing Satisfaction Study from J.D. Power. “The challenges the servicers have are the bar keeps rising and expectations rise particularly when it comes to digital interaction,” said Craig Martin, senior director of the mortgage practice at J.D. Power. “The majority of consumers coming in or ...
Mortgage environments run by artificial intelligence? Not yet – but close. Artificial intelligence and automation are helping mortgage servicers streamline servicing and reduce costs but may be costing some humans their jobs, according to analysts with Standard & Poor’s Global Ratings team. However, there is no cause for alarm because human power remains vital to the mortgage process. The day AI completely takes over mortgage servicing is still very far off, analysts said ...
The Mortgage Bankers Association recently asked the federal banking agencies to provide an update on a proposal to increase the amount of mortgage servicing assets that a bank may count to-wards Tier 1 capital. In a letter to the Office of the Comptroller of the Currency, Federal Deposit Insurance Corp. and the Federal Reserve, the MBA reiterated its support for the agencies’ proposal to raise a recommended 25 percent cap on the amount of mortgage servicing assets that may be ...
All five of the top players in the single-family mortgage servicing business reported slight de-clines in their portfolios during the second quarter, according to an exclusive Inside Mortgage Finance ranking and market analysis. As a group, the top five participants reported $3.661 trillion in mortgage servicing at the end of June, an 0.7 percent decline from the previous quarter. Although the Federal Reserve’s official tally of home mortgage debt outstanding ... [Includes two data charts]
Depository institutions still have responsibility for most agency mortgage servicing, but nonbanks continued to gain share during the second quarter, according to a new Inside Mortgage Finance analysis of agency mortgage-backed securities data. As of the end of June, nonbanks serviced $2.887 trillion of single-family loans in MBS pools is-sued by Fannie Mae, Freddie Mac and Ginnie Mae. That was up 2.8 percent from March and represented ... [Includes two data charts]
There are dozens of residential lenders that use the phrase “fintech” to describe their activities, but whether they will file to become a depository is a different matter.
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