Ever since Taylor Bean & Whitaker went down in flames a few years ago, the market for loans backed by mortgage servicing rights has been dormant with the nation’s largest banks pulling out of the business and vowing never to return. But now that MSRs are considered a “hot” investment with nonbanks such as Nationstar Mortgage, Ocwen Financial and Walter Investment Management gobbling up billions of dollars in receivables the past few years – and at bargain basement prices – banks, Wall Street firms, and other players are eyeing the market for a major comeback. According to servicing advisors and warehouse firms, there are...
It remains to be seen how or whether a newly signed law in Illinois to fast-track certain foreclosures will impact a proposal by the Federal Housing Finance Agency to levy extra guaranty fee charges on Fannie Mae and Freddie Mac mortgages originated in five slow-foreclosure states, including Illinois, but experts say other states may be inspired to follow suit. Last week, Illinois Gov. Pat Quinn, D, signed into law SB 16, which among other provisions, would allow servicers to expedite the foreclosure timelines for abandoned or vacant homes from about 18 months to as little as 90 days. Although the bill was...
FHA single-family production rose 22.3 percent in 2012, but another increase in the mortgage insurance premiums will likely accelerate the program’s three-year decline in market share.
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