Sales of several bulk portfolios of mortgage servicing rights were still pending as yearend approached, with talk increasing about a busy year in the mergers and acquisitions market for 2014. As always, the driver of such talk was interest rates: Higher rates are causing MSRs to increase in value, while a slowdown in refinancing is scaring many under-capitalized nonbanks into considering the once-unthinkable: selling out or partnering with a competitor. Originations are...
After ending fiscal year 2012 at a negative $16.3 billion, the FHA’s mutual mortgage insurance fund is close to being in the black, according to an independent actuarial report released late last week. The FHA noted that it has shifted its focus from shoring up the MMIF to reducing lenders’ underwriting overlays and targeting poorly performing servicers. The net worth of the MMIF at the end of fiscal year 2013 was negative $1.3 billion, according to the report, due to pricing and policy changes by the Department of Housing and Urban Development along with improvements to the economy. The capital reserve ratio for the MMIF also improved from negative 1.44 percent at the end of fiscal 2012 to negative 0.11 percent at the end of fiscal 2013. HUD Secretary Shaun Donovan noted...
FHA officials first asked for the servicing authority back in June, but the request has gone nowhere. Fannie Mae and Freddie Mac already have transfer authority.
It may sound complicated, but it appears that Nationstar is selling a portion of its MSR fee on certain rights so it can deleverage and buy even more servicing.
The rating service this week placed the primary servicer rating of EverBank Mortgage on “watch” for a potential downgrade due to changes to the servicer’s platform.
Wells, Bank of America and JPMorgan Chase accounted for a combined 44.7 percent of the $517.75 billion in bank HELOCs outstanding at the end of the third quarter.
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