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.
Mat Ishbia’s UWM now has bragging rights to being the largest home lender in the land. His view on the market: up to 15 more months of tough sledding. As for profit margins, he may have to drive them lower.
It’s been a roller coaster ride for Finance of America and its shareholders. Rising rates have hammered its business lines and it’s anticipated the company will exit the MSR arena. FoA went public just over 18 months ago.
As a group, nonbank servicers are growing faster than depositories. But some of the biggest gains in the third quarter were by banks, and a number of nonbanks shrank their portfolios. (Includes three data charts.)
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