Two companies that were created earlier in the decade to buy mortgage servicing rights at rock-bottom prices are headed in different directions these days: Seneca Mortgage Servicing is exiting the business, while Pingora Loan Servicing is slated to change hands for the second time in a year. As Inside Mortgage Finance went to press this week, investment banker Houlihan Lokey was involved in direct negotiations to sell Seneca’s $53.6 billion servicing portfolio, which is considered pristine in nature. Investment banking sources said...
Some critics say the underserved markets proposals put forth by Fannie Mae and Freddie Mac don’t focus enough on increasing loan purchases. Fannie Mae and Freddie Mac in May issued draft proposals for boosting financing for certain underserved markets under the Federal Housing Finance Agency’s duty-to-serve requirements. The rule focuses on three specific markets: manufactured housing, rural housing and preserving affordable housing for low- and moderate-income households. The National Low Income Housing Coalition said...
There's a race on to see who will be the first to deliver a best-in-class lending automation product that the consumer trusts, said consultant Paul Hindman...
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