Mortgage servicing rights are still a hot commodity and new investors continue to surface, but prices aren't what they used to be. One bright spot: Credit quality looks promising, at least on conventional rights.
Fannie and Freddie recommend the CFPB amend the qualified mortgage rule so that more borrowers, particularly those with small-balance loans, are eligible for refinancing.
Most subservicing specialists have experienced tepid growth the past few quarters. The reason? A red-hot bulk sales market is one possibility. Meanwhile, a few top-ranked vendors are about to have new owners. (Includes data chart.)
Wells Fargo and housing finance trade groups expressed support for expanding access to streamlined refinances and easing barriers to forbearance options for financially struggling consumers.
In a new supervisory roundup, the bureau cited mortgage companies for violating loan originator compensation rules and charging payment-method convenience fees.
A Cleveland homeowner says Nationstar (now known as Mr. Cooper) improperly declined his COVID-related loan-modification request. Nationstar acquired the servicing rights from another company.
United Wholesale Mortgage explored the idea of servicing its own mortgages but passed. For now it's sticking with its two subservicing vendors, one of which is Cenlar.
No secret here: Nonbank mortgage companies are living off their mortgage servicing rights during the industry’s sizable downturn. How much longer can it last? Hard to say, but Fitch has some concerns.
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