In 2018, residential originations suffered but that didn't crimp the pay packages of CEOs and other top executives at publicly traded mortgage companies. Leading the pack: Douglas Lebda, CEO of Lending Tree at $42.3 million.
Industry groups are unsettled by state mortgage servicing requirements that go beyond the Consumer Financial Protection Bureau’s rules. More than 30 states now require nonbank servicers to obtain licenses.
The company filed for bankruptcy protection this week, a maneuver that could lead to a merger with Finance of America. What the two nonbanks have in common: both are owned by The Blackstone Group. But it’s hardly a done deal.
Thanks to sustained low interest rates, auctions of mortgage servicing rights are scarce these days, but not impossible. Investors are still interested but they're cautious. Meanwhile, loan production continues to increase.
State regulators are showing no sign of slackening their focus on "fair servicing," with mortgage processors seeing more examinations focusing on disparate-impact theories.
Most of the decline in bank MSR activity in the first quarter was attributable to Wells Fargo, while Flagstar accounted for a big chunk of the increase among savings institutions.
Grapevine: A few days ahead of a scheduled bankruptcy auction, New Residential Investment Corp. has swooped in and made a "stalking horse" bid. Meanwhile, a big promotion at Fannie Mae and a record month for Guaranteed Rate.
It's no secret that Ginnie Mae officials are losing sleep over nonbanks dominating the government MBS market. With liquidity a primary concern, the agency is ready to consider "non-traditional" investors in its MSRs. But there's a catch: They may have to commit as much as $1 billion.
The FCC is allowing phone companies to more easily block illegal calls and unwanted calls. Mortgage servicers are concerned that legitimate calls to borrowers will inadvertently be blocked, which could cause problems.
Subservicing vendors continued to grow during the first quarter but a few firms saw a reduction in contracts. Cenlar remained the dominant player but Mr. Cooper, Flagstar and Ocwen are eager to compete. Meanwhile, consolidation looms.
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