One of the largest players in the "new" nonprime mortgage industry is Citadel Loan Servicing, Irvine, CA, which now has a portfolio totaling $600 million.
Overall, Fannie Mae’s bottom line was bolstered by a strong quarter for originations: $510 billion in the second quarter compared to $380 billion in the first, according to Inside Mortgage Finance.
Under the agency’s current rules, residential servicers must tell a mortgagor about their foreclosure prevention options just once over the life of a loan.
Eight of the top 10 mortgage servicers reported declining portfolios during the second quarter of 2016, an unusual highlighting of long-term trends still underway in the market. The only top 10 lenders to actually increase their servicing portfolios during the second quarter were U.S. Bank Mortgage, fifth on the list of servicers, and Quicken Loans, number 10, according to a new ranking and analysis by Inside Mortgage Finance. It’s...[Includes one data table]
In the second quarter, sharply lower interest rates continued to wreak havoc on the asset value of mortgage servicing rights, causing financial damage at banks and nonbanks alike, according to interviews and analysis by Inside Mortgage Finance. At June 30, Wells Fargo valued its residential MSR portfolio at 68 basis points, down from 77 bps a year ago. Bank of America cut its capitalized MSR from 78 bps in June 2015 to 51 bps at the midway point this year. And JPMorgan Chase lowered its MSR ratio to 81 bps at the end of June, compared to 105 bps a year ago. As Keefe Bruyette & Woods put it, “MSR interest rate marks were...
Banks, thrifts and credit unions still accounted for 66.0 percent of the $7.206 trillion in single-family mortgages serviced by the top 50 companies, Inside Mortgage Finance found.
The principles released Tuesday are separate from and independent of the finalized amendments to the CFPB’s 2013 mortgage servicing rules, which are expected in several weeks.
The company has been diversifying heavily into subservicing contracts and over the past year has struck outsourcing deals with USAA and Seneca Mortgage Servicing.
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