Most major servicers of jumbo mortgages increased their portfolios in the third quarter, according to a new ranking and analysis by Inside Nonconforming Markets. Combined, 30 servicers handled an estimated $1.06 trillion of jumbo mortgages as of the end of September, up 2.7 percent sequentially and 10.7 percent from a year ago. Only four of the servicers posted lower jumbo portfolios on an annual basis, and one of the firms, Ocwen Financial, is under ... [Includes one data chart]
Among the top 15 servicers of subprime mortgages, only one grew its portfolio over the 12 months prior to the end of September, according to a new ranking and analysis by Inside Nonconforming Markets. The increase was posted by Citadel Servicing Corp., which is boosting its portfolio with originations of nonprime mortgages. Citadel handled a subprime portfolio with an unpaid principal balance of $1.80 billion as of September-end. The portfolio grew ... [Includes one data chart]
Lenders and their warehouse providers have been openly worrying about thinning profit margins for several quarters now with liquidity a primary concern.
At the direction of the Federal Housing Finance Agency, Fannie Mae and Freddie Mac have simplified policies on short sales and deed-in-lieu of foreclosures. The new policies are intended to mitigate losses for the government-sponsored enterprises and servicers by spelling out when servicers can consider borrowers for these actions and what documentation is necessary.
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