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.
Mortgage industry stakeholders reacted differently to California Gov. Gavin Newsom’s plan to create a state-level CFPB aiming to fill the vacuum left by a rollback at the federal level.
Conventional nonbank lender/servicers have been closed out of the IPO market for several years now. But if you fall into the nonprime category, it’s a different picture. Velocity is about to test the stock market waters.
Rates were lower at yearend than Sept. 30, which means MSRs owners can relax and take profits on the asset. Next week, when the megabanks begin reporting 4Q results, we’ll know just how good the numbers are.
New Jersey clarified that investors in mortgage servicing rights must obtain a “servicer” license in the state even if they do not handle the monthly processing chores.
Most subservicing vendors continued to see a growth in contracts during 3Q19, but a few specialists are heading for the exits: Ditech (via a bankruptcy sale) and RoundPoint, which is being bought by Freedom Mortgage. (Includes data chart.)
The agency one-family servicing market grew 1.8% during the third quarter, more than twice the increase in total single-family mortgage debt outstanding over the same period. (Includes two data charts.)
Freddie Mac, following in the footsteps of Fannie Mae, is offering buyouts to a portion of its workforce. A byproduct of the recap-and-release plan? It certainly looks that way.
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