Low interest rates are holding back buyers of MSRs but don’t tell that to New Residential Investment Corp. The REIT keeps acquiring bulk servicing portfolios.
With mortgage performance expected to remain steady, servicers are focusing on a number of other issues, including the transition away from LIBOR and an increase in natural disasters.
Big gains by Mr. Cooper and NewRez boosted the combined portfolio of the top five servicers, offsetting further declines at Wells Fargo, Chase and Bank of America. (Includes two data charts.)
The bureau has tightened the use of “abusive” practices under its sweeping authority to prohibit unfair, deceptive or abusive acts or practices. Industry watchers believe the impact of the new policy might be limited.
The Financial Stability Oversight Council would have to complete a number of steps before it can subject nonbank lenders and servicers to increased over-sight and prudential standards.