Most of the growth in the single-family servicing market during the third quarter came from agency secondary market operations, with nonbanks playing a big role. (Includes two data charts.)
What will separate the men from the boys and the women from the girls in 2022? Purchase-lending and non-QMs. At least that’s what some executives we spoke to believe.
Beginning in April, credit unions will be able to buy and sell MSRs among themselves. The sector currently holds servicing tied to more than $460 billion of unpaid principal balance.
The mortgage production cycle is starting to turn, so that means a reduction in headcount. But based on third-quarter results from a handful of public shops, the trimming has been light thus far. (Includes data chart.)
A tougher origination year in 2022? Looks that way, but forecasts can change on a dime when unexpected news alters economic perceptions. Meanwhile, a fist full of nonbank stocks are selling for less than $5 a unit.
The bulk market for MSR sales has never been better, and that’s a bit of a problem. Activity is so robust that due diligence reviews are piling up, delaying deal closings. A good problem to have? It depends on your profit goals.
Early-stage delinquencies jumped in the third quarter, prompting a quarterly increase in the total past-due rate. Many borrowers that have been in forbearance for 18 months are also reaching the end of their payment holidays. (Includes data chart.)
A report by Fitch Ratings forecasts a sharp drop in originations and declining GOS margins that will put pressure on earnings for smaller nonbank lenders.
After settling OCC charges on how it manages subservicing risk, Cenlar faces the possibility some of its clients might bolt for the competition. But will they?
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