Nonbanks will likely account for over half of outstanding agency single-family servicing by the end of 2018 if market trends continue as they have in recent years.
The Federal Reserve Board last week wrapped up enforcement actions against 10 banks and im-posed fines against five of them after “sustainable improvements” in their servicing operations.
According to figures compiled by Inside Mortgage Finance, BofA ranked sixth among first lien lenders in the third quarter, but U.S. Bank isn’t too far behind in the number seven spot.
Chase continues to grow the volume of residential whole loans kept on its balance sheet: $197.3 billion at yearend compared to $181.2 billion at the end of 2016.
Thanks to the new bill signed by President Trump, Wells enjoyed a $3.35 billion after tax benefit. However, the company also recorded a $3.25 billion pre-tax expense tied to “litigation accruals for a variety of matters, including mortgage-related regulatory investigations..."
Issues related to servicing are often overlooked when it comes to discussions on housing-finance reform, according to an Urban Institute paper published this week.