Nonbanks were the top buyers and sellers of bulk mortgage servicing portfolios last year, according to a tally from affiliate publication Inside Mortgage Trends. [Includes one data chart.]
The complex business of servicing residential mortgages continued to become more concentrated among a diverse group of industry participants in the fourth quarter of 2018. [Includes two data charts.]
Independent mortgage banking firms that weren’t adequately hedged at yearend are facing minor- to moderate-sized writedowns on the value of their servicing portfolios, according to interviews conducted by Inside Mortgage Finance this week.
Four large nonbanks added over $10 billion each in new servicing rights tied to agency mortgage-backed securities during the fourth quarter. PennyMac padded its agency servicing portfolio by $20.95 billion. [Includes two data charts.]
Scheduled speakers included Housing and Urban Development Secretary Ben Carson, Kasper and Edward DeMarco, former acting Director of the Federal Housing Finance Agency.
Socialist Rep. Alexandria Ocasio-Cortez, D-NY, will sit on the House Financial Services Committee, which oversees banking, mortgages, as well as Fannie Mae and Freddie Mac.
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