State regulators are showing no sign of slackening their focus on "fair servicing," with mortgage processors seeing more examinations focusing on disparate-impact theories.
Most of the decline in bank MSR activity in the first quarter was attributable to Wells Fargo, while Flagstar accounted for a big chunk of the increase among savings institutions.
Grapevine: A few days ahead of a scheduled bankruptcy auction, New Residential Investment Corp. has swooped in and made a "stalking horse" bid. Meanwhile, a big promotion at Fannie Mae and a record month for Guaranteed Rate.
It's no secret that Ginnie Mae officials are losing sleep over nonbanks dominating the government MBS market. With liquidity a primary concern, the agency is ready to consider "non-traditional" investors in its MSRs. But there's a catch: They may have to commit as much as $1 billion.
The FCC is allowing phone companies to more easily block illegal calls and unwanted calls. Mortgage servicers are concerned that legitimate calls to borrowers will inadvertently be blocked, which could cause problems.
Subservicing vendors continued to grow during the first quarter but a few firms saw a reduction in contracts. Cenlar remained the dominant player but Mr. Cooper, Flagstar and Ocwen are eager to compete. Meanwhile, consolidation looms.
Regulatory relief for banks on mortgage servicing assets doesn’t amount to much, according to industry participants. Some of them warned that banks will leave the sector due to harsh capital requirements even as regulators defended their decisions.
It's common knowledge in the industry that the Treasury Department is working on a recap-and-release plan for Fannie Mae and Freddie Mac. To pull off such a massive undertaking the government will need an investment banker. But who?
The Consumer Financial Protection Bureau this week fined mortgage servicer BSI Financial Services, Irving, TX, just over $230,000 for illegal mortgage servicing practices. A new consent order from the agency lays out the details.
States proposed standards in 2015 to increase oversight of nonbank lenders and servicers but didn’t act to finalize them. The new chairman of the Conference of State Bank Supervisors is making the issue a priority.
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