It hasn’t happened often in recent years, but commercial banks and thrifts were actually servicing more home mortgages for other investors at the end of September than they had at the midyear point. A new analysis by Inside Mortgage Trends of bank call reports shows the industry was servicing $3.652 trillion of home loans for other investors at the end of the third quarter. Most of this SFO business is tied to mortgage-backed securities pools, and the ... [Includes one data chart]
Banks servicing delinquent mortgages in 2009-2010 allegedly delayed foreclosure starts in the districts of then-members of the House Financial Services Committee in order to influence legislative action on the Dodd-Frank Act, according to a working paper published by the Ohio State University.
The nation’s subservicing vendors grew their base of contracts by 6.2 percent from the second to third quarter and 20.1 percent year-over-year, according to data compiled by Inside Mortgage Finance.
The acquisition, once consummated, will put New Residential in the business of originating loans directly to consumers. It also could have CFPB implications…