The CFPB in a recent court filing said buyers of mortgage servicing rights are responsible for violations even if the obligation remains with the original owner for a short period of time.
Top nonbank servicers continued to expand their agency MSR positions in the second quarter via acquisitions and organic growth. Wells Fargo, U.S. Bank and BofA were the only top-10 agency servicers to shrink.
The nonbanks that ranked among the top 50 players in the servicing business upped their combined portfolio by 3.5% during the second quarter, while depository institutions recorded a slight decline.
Lower interest rates resulted in strong originations in the second quarter, causing lenders to smile. But for firms with large MSR portfolios, asset writedowns were the norm.
Earlier this year, Wells Fargo offloaded roughly $20.7 billion in Ginnie servicing rights. The buyers? A bank and a nonbank. Meanwhile, the Equifax data hack will cost upwards of $700 million in settlement costs.
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.
RSS