The mortgage industry’s worst kept secret? A lot of originators are losing money on new production. How long can nonbank shops live off the fat of 2020-2021? We’re about to find out.

There have been plenty of “asset” sales by mortgage firms this year —  MSRs, for instance — but not “whole” company transactions. Is the bell about to ring?

Servicing sales remain brisk but there’s been a deal slowdown of late and more discriminate buyers. Meanwhile, new Ginnie Mae capital rules could rock the boat further.

Wells Fargo isn’t trying to be the largest player in the mortgage market. Instead, the bank plans to focus on wealthy borrowers and customers that already have a relationship with the bank.

For the most part, subservicing growth has been slow, thanks to booming MSR sales and some non-traditional servicing owners shifting strategies. Cenlar, though, remains the nation’s number one subservicer. (Includes data chart.)

Thanks to the spike in MSR sales this year, reviews of the underlying collateral are backing up, causing delays in portfolios being transferred to new owners. Implications?

Ginnie spreads over Treasuries have widened in the wake of the newly announced capital and liquidity requirements for nonbank servicers.

Agency seller/servicers have a new set of net worth requirements to adhere to. The good news: The final language is close to what was originally proposed.

When it comes to default management hires, subservicer Cenlar has been a busy bee, adding a handful of new VPs. Is it expecting an increase in delinquencies or is something else afoot?

The total delinquency rate stood at 3.44% as of the end of June, among the lowest levels seen since the launch of Inside Mortgage Finance’s Large Servicer Delinquency Index in 2003. (Includes data chart.)