Servicing portfolios at most of the major subprime servicers are shrinking, except at Citadel Servicing. The firm has more than doubled its servicing portfolio in the past year.
Banks and thrifts continued to increase their first-lien holdings in the first quarter, but the rate of portfolio growth is slowing. Portfolios at Wells and Chase declined in the first quarter while BofA boosted its holdings.
Jumbo servicing portfolios increased sequentially at most prominent servicers during the first quarter of 2019, though Wells Fargo and Chase posted declines. First Republic Bank's servicing model stands out.
Ocwen took another loss in the first quarter, with the nonbank's subprime portfolio continuing to decline. Only 2 of the top 15 subprime servicers increased their portfolios on an annual basis.
After years of being prohibited by regulators from acquiring servicing rights, Ocwen Financial is back in business as a buyer in full force. [Includes one data chart]
The amount of jumbo mortgage servicing handled by the top servicers increased at a much faster rate in 2018 than the total amount of outstanding residential mortgages, according to a new ranking and analysis by Inside Nonconforming Markets. [Includes one data chart]
Ocwen Financial announced last week that it plans to launch non-agency originations in the second quarter of 2019, focusing on borrowers already in its servicing portfolio. The company detailed the plans in presentations to investors. Officials said Ocwen is expanding from originating agency mortgages into non-agency mortgages in an effort to maximize the potential to recapture borrowers in Ocwen’s servicing portfolio. The move is years in the making and follows a ...
Nonprime mortgages are performing better than expected and prepayment rates remain elevated, according to industry analysts. Fitch Ratings noted that 60+ day delinquency rates on nonprime mortgages in post-crisis mortgage-backed securities rated by the firm were less than 4.00 percent as of August. “The performance of Fitch-rated nonprime transactions has outperformed initial projections,” the rating service said. The average conditional prepayment rate ... [Includes one data chart]
RSS