It’s earnings season and the early results indicate a decent 2Q for most but not all is rosy. Gain-on-sale margins continued to suffer.

Nonbank originators that have been hoarding MSRs for the past 16 months are sitting in the catbird seat. Some bids are just shy of top dollar. Time to pull the sales trigger?

Sandra Thompson’s elevation to acting director from her role as head of housing mission and goals presaged FHFA’s new focus on fair lending practices enforcement.

The changes: FHA has established a streamlined loan mod that servicers must offer to certain borrowers, GSE servicers have to follow the CFPB’s new standards a month earlier than intended, and Ginnie Mae and NCUA are allowing for a broader range of loan mods.

The sale of mortgage franchises is picking up but there’s a headwind tied to valuations. Owners are holding out for top dollar.

Nonbanks no longer have to pay all cash for servicing rights in the secondary market. Reason: Commercial banks have returned to the sector as financiers.

Freddie Mac and Fannie Mae accounted for most of the growth in the servicing market during the first quarter of 2021, as nonbanks continued to expand their footprint. (Includes two data charts.)

Subservicing contracts continue to proliferate. The bad news? These vendors worry about an onslaught of COVID-related work and oversight. (Includes data chart.)

Time to throw away the loss-mitigation toolbox in dealing with COVID-related delinquencies? Maybe not.

Nonbank Cornerstone Home moves to buy an FDIC-insured institution. Also, should anyone be worried about SoFi’s progress in mortgages?