Wells Fargo – the nation’s largest home lender and servicer – has apparently won the bid for Seneca Mortgage and its $53.6 billion servicing portfolio, sending shockwaves through the market. But as Inside Mortgage Finance went to press this week, the jury was still out on whether this was a “one-off” opportunistic purchase or, perhaps, the start of a trend toward depositories showing renewed interest in mortgage servicing rights. For now, Wells isn’t...
Federal banking regulators announced this week that capital requirements set to take effect in January for all but the biggest banks would be suspended under a proposed rule. The proposal applies to Basel III capital requirements for mortgage servicing rights, among other items. The regulators said they are developing a proposal that would simplify capital rules to reduce regulatory burden, particularly for community banks. The proposed suspension generally applies to banks with less than $250 billion in total assets. Thomas Hoenig, vice chairman of the Federal Deposit Insurance Corp., said...
One lobbyist told Inside Mortgage Finance this week he believes that Watt eventually will strike a deal on the issue with Treasury, but he was uncertain how it might play out.
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