The bulk servicing market is beginning to generate heat. The latest offering comes from Interactive Mortgage Advisors, but other deals are in the works as well.
Freddie Mac has a new head of single-family: David Lowman, an industry veteran who in the past headed mortgage operations at JPMorgan Chase and Citigroup.
Theres a growing interest on the part of new investors in buying residential mortgage servicing rights, but observers say a major impediment for the market is a lack of confidence that Fannie Mae and Freddie Mac will acknowledge their ownership rights. Its a problem, said Tom Piercy, managing member of Interactive Mortgage Advisors, a servicing brokerage and advisory firm. Fannie and Freddie could learn a thing or two from Ginnie. The phrase new investors generally applies...
Wells Fargo has unloaded most of - but not all - of its remaining servicing rights tied to reverse mortgages. However, the bank says it is still "committed" to seniors through home equity loans.
The upcoming White House meeting on mortgage and housing issues may not address loan standards at all. Wells confirms plan to hire MSR 'project manager.'