Although several high-profile, publicly traded nonbank servicers are having a tough time turning a profit, non-depository institutions continued to build market share in mortgage servicing during the first quarter of 2016, a new Inside Mortgage Finance ranking reveals. On the whole, mortgage servicing is somewhat stagnant. The top 50 servicers as of the end of March managed a combined portfolio of $7.266 trillion, down very slightly from the previous quarter. Servicing tied to Fannie Mae, Freddie Mac and Ginnie Mae mortgage-backed securities managed a humble 0.2 percent gain in the first quarter, and the non-agency MBS market is still in the doldrums. It remains...[Includes two data tables]
Like the rest of the industry, the small but growing nonprime sector has struggled with the integrated disclosure rule known as TRID, but for the most part such lenders have adjusted and are now seeing a noticeable increase in both applications and production. At least that’s the view of two of the largest players in the market: Angel Oak Mortgage Solutions, Atlanta, and Citadel Servicing Corp., Irvine, CA. Each firm now expects to fund between $800 million and $850 million this year. They did...
For the past several weeks, speculation was rife that if the yield on the 10-year bond remained under 2.0 percent at March 31 Freddie might book a large hedging loss...
Some mortgage lobbyists predict Watt – a lawyer by training and a former Congressman – will pull the recap lever by the end of the Obama administration...
An estimated $24.52 billion of GSE loans were delivered into MBS during 1Q16 with the servicing rights being taken over by a servicer not affiliated with the loan seller.
Over at Freddie Mac, the GSE did $10.8 billion in issuance for the first quarter, mostly in its K-deal program, along with its small balance program, otherwise known as “SB deals.”
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