Subservicing vendors don’t seem to be adding to their contract base these days with a few isolated exceptions. A reflection of fewer new loans being created or something else? (Includes data chart.)
MBA’s Bob Broeksmit this week criticized the 250% risk weighting placed on mortgage servicing rights held by federally insured depositories. Meanwhile, several top-ranked servicers discussed issues and challenges they’re facing, from forbearance to automation and beyond.
The delinquency rate was pushed up during the fourth quarter by a weakening economy and inflation. The unemployment rate is projected to increase this year, which will likely drive delinquencies higher. (Includes data chart.)
Bulk servicing packages continue to hit the open market as the first quarter draws to a close. Meanwhile, Mr. Cooper puts a number on its 2022 layoffs, burying the disclosure in an SEC filing: 1,200.
MSR sales hit a record in 2022 and even more sales are expected both this year and in 2024. The jump in supply is presenting investors with attractive opportunities.
Apollo isn’t buying Select Portfolio Servicing from Credit Suisse; FHA seeking suggestions for changes to rehabilitation program; Hsieh’s fishing dream; mortgage fraudster sentenced to 10 years in prison.
The MSR sales market is starting to firm up a bit — and just in time. A handful of large packages are available, including two from Wells Fargo and one from a large nonbank. But will these deals get done?
Delinquency rates are rising and many observers expect a mild recession this year. Nonbanks continue to grow their share of agency MSRs while banks build whole-loan portfolios. (Includes three data charts.)
The servicing side of residential finance, in particular processing fees and MSR sales, has saved many a lender from the abyss during the correction of the past year. But it hasn’t been a complete joyride. Rising personnel costs and technology expenditures are a concern.
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