Phoenix Capital is out with a new “flow” servicing offering where the seller will deliver $40 million to $50 million per month in Fannie Mae and Freddie Mac product.
A new study published by the National Bureau of Economic Research suggests that strategic defaults on mortgages are much less common than previously believed. The researchers with the Federal Reserve and two universities suggest that their findings have significant implications for servicers’ loss-mitigation techniques. The researchers used expansive data from the University of Michigan’s Panel Study of Income Dynamics survey from 2009 through 2011 ...
New research from FICO suggests that broader economic conditions have helped limit losses on home-equity lines of credit originated before the financial crisis. For years, analysts have warned about the risks posed by HELOCs after the loans hit 10-year reset periods, prompting payment shock for some borrowers as principal and interest is due as opposed to the interest-only payments that were initially allowed. The risk to banks is seen as particularly harsh because ...
Commercial banks – the megabanks in particular – appear to be moderating their retreat from servicing loans pooled into Fannie Mae, Freddie Mac and Ginnie Mae securities. But most of the largest gains in the third quarter came from nonbanks with one glaring decline: Ocwen Financial. According to loan-level data compiled by Inside Mortgage Finance, Ocwen serviced $64.22 billion of agency collateral at Sept. 30, a blood curdling 33.7 percent sequential drop and a sign that al-though the publicly traded nonbank plans to remain a servicer of conventional loans, it continues to sell mortgage servicing rights and deleverage its balance sheet. The megabanks – Wells Fargo, JPMorgan Chase, Bank of America and U.S. Bank – ranked...[Includes two data tables]
Several $1 billion-plus mortgage servicing packages have reached the auction market the past few weeks as sellers try to complete deals before yearend. But one potential obstacle could gum up the works: a continuing decline in interest rates. With the yield on the benchmark 10-year Treasury hovering just above the 2.0 percent mark, mortgage rates are now at their lowest levels since the spring. And as any servicing investor knows: A declining interest rate environment is never a good thing to sell into. In early September, U.S. Trading LLC, Cherry Hill, NJ, hit...
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