If ever there was a Horatio Alger story for the mortgage industry it’s Angelo Mozilo, the co-founder of Countrywide Financial. The recently deceased Mozilo proved that nonbanks could compete with the megabanks. Then the subprime crisis happened.

Federal regulators are expected to propose new capital requirements for big banks; DOJ and FTC propose new guidance on mergers.

A $9.9 billion fund established by the federal government to help borrowers avoid foreclosure is seeing growing use. Some $1.2 billion in funds from the Homeowner Assistance Fund were distributed in the first quarter.

When rates rise, holders of MSRs can benefit by increasing the value of this esoteric asset. Now that the second quarter has ended, the biggest beneficiaries will be shops that took it easy when it came to hedging.

ACI Worldwide accidentally charged Mr. Cooper customers for $2.3 billion in mortgage payments.

Although MSR sales are expected to slow with the arrival of summer, a few large bulk deals are in the works.

Director Rohit Chopra noted borrower hardships due to excessive paperwork, as well as fees and negative credit reporting events that occurred while a loss-mit application was under review.

The tide is starting to turn in favor of servicing sales where higher note rates are involved. Don’t expect premium prices or a tsunami of deals, but at least it’s an outlet.

The inspector general found fault with how the industry in general and Mr. Cooper in specific handled pandemic-era loss mitigation.

Cenlar, the big kahuna of subservicing, could be poised for explosive growth. There’s just one problem: The outsourcer is still operating under OCC-imposed limitations. But for how much longer?