Just days into the new year, Mr. Cooper agreed to buy Seterus and its $48.0 billion servicing platform. Now comes the big question: Which firm or portfolio is next on its hit list?
Lenders are not liable for a servicer’s failure to comply with the Real Estate Settlement Procedures Act, according to a recent ruling by the U.S. Court of Appeals for the Fifth Circuit. Such claims by borrowers have seen some success in district courts and this was the first time an appeals court considered the issue.
“The only way to get through that is to sell assets – and for many of them that means mortgage servicing rights,” Steve Harris of MIAC told Inside Mortgage Finance.
Overwhelmingly, industry analysts expect Mark Calabria to shake things up at the Federal Housing Finance Agency – that is, once he’s approved by the full Senate.
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