Roughly $20 billion in mortgage servicing rights are now available for bulk purchase in the secondary market compared to just a few billion a month ago. The reason: higher interest rates. According to servicing advisers interviewed by Inside Mortgage Finance this week, the 75 basis point jump in rates since the election has suddenly transformed a glum-looking market into one that has great potential. “There’s...
Subservicing specialists ended the third quarter with an estimated $1.80 trillion of contracts on their books, an 11.8 percent sequential gain and a 22.4 percent improvement from the same period a year ago, according to exclusive survey figures compiled by Inside Mortgage Finance. At the end of September, subservicers handled 17.8 percent of the $10.12 trillion residential loan market. A year ago, the sector had a market share of 14.8 percent. Some of the growth comes...[Includes one data table]
The Federal Reserve late last week reported a modest 0.6 percent increase in the volume of single-family mortgages outstanding during the third quarter of 2016, the fifth straight quarterly gain in a market finally recovering from the housing meltdown. Still, at $10.123 trillion, the supply of mortgage debt outstanding was $1.118 trillion below the level it reached at the end of 2007. Most of the growth in the third quarter came...[Includes two data tables]
Appraisal-related issues cause more than one out of every 10 purchase-mortgage applications to be denied, according to CoreLogic. Below-contract appraisals comprised 11.3 percent of the first-lien purchase-loan appraisals ordered through the CoreLogic/FNC Collateral Management System, according to Yanling Mayer, director of research in CoreLogic’s office of chief economist. The CMS is a workflow and compliance platform used by many lenders, servicers and appraisal management companies. Mayer noted...
Consumer complaints to the CFPB about their mortgages fell by 8.2 percent in the August to October 2016 period compared to the same time frame a year ago, according to a new report from the CFPB. The bureau registered 11,587 borrower gripes about mortgages during the August-October 2015 period, the agency’s latest monthly consumer complaint report indicates. One year later, that total had fallen to 10,642. Criticisms about virtual currency dropped even more, by 66.7 percent, and those related to prepaid accounts plunged further by 67.2 percent. That being said, mortgage complaints are still among the top three topics the bureau receives gripes about, after debt collection and credit reports. (With one data graph and two data charts.)
RSS