Mortgage buybacks can vary significantly among seller/servicers because it’s driven by business and legal processes rather than current market dynamics.
Certain provisions of the loan originator compensation rule – such as those having to do with record retention, anti-steering and compliance and procedures – kick in January of 2014.
Home Loan Servicing Solutions is preparing to issue a $350 million servicer advance receivable ABS, according to a presale report issued late last week by Standard & Poor’s. With the deal, $5.3 billion in mortgage servicer advance ABS will have been issued this year, according to the rating service. S&P has been the dominant rating agency in servicer advance ABS. Erkan Erturk, senior director of global structured finance research at the rating service, said issuance of servicer advance ABS is on track to reach the $7.0 billion in issuance S&P predicted at the beginning of the year. HLSS Servicer Advance Receivables Trust Series 2013-T6 received...
Wells Fargo, JPMorgan Chase and Flagstar are all working on large servicing deals, but as sellers. Meanwhile, HUD is worried about lower GSE loan limits.
Rising interest rates, falling prepayment speeds and a strengthening secondary market in mortgage servicing rights combined to push MSR valuations significantly higher during the second quarter, according to a new Inside Mortgage Trends analysis of call report data. Banks and savings institutions serviced a total of $4.869 trillion of home mortgages for other investors as of the end of the second quarter. Collectively, they estimated a fair market value of $48.70 billion for their MSR assets ... [Includes two data charts]
CFPB director Richard Cordray could be softening somewhat in response to the mortgage industry’s plea for regulatory enforcement relief when the new rules take effect in January.
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