Shellpoint Mortgage Servicing lost a small share of servicing for non-agency MBS deals based on issuance in the first quarter of 2023 as servicers experience consolidation to kick off the year. (Includes data chart.)
First Republic’s servicer rating downgraded; Moon Mortgage offering jumbos with qualification based on cryptocurrency holdings; DBRS adds due diligence provider to “acceptable” list; Utah loosens age requirement for proprietary reverse mortgages.
Among a group of 20 prominent nonprime servicers, portfolio balances increased by 0.3% during the fourth quarter of 2022. Prepayment rates on non-QMs are low and delinquencies are rising.
Jumbo servicing portfolios at many of the largest firms in the sector increased in both the fourth quarter and on an annual basis. Low prepayment rates helped to keep loans in portfolio. (Includes data chart.)
Shellpoint Mortgage Servicing handled servicing duties on close to 50% of the non-agency MBS issued in the fourth quarter. Select Portfolio Servicing reduced its activity during the quarter. (Includes data chart.)
Delinquencies on non-QMs increase again; Altisource hires COO for non-agency effort; DBRS adds Verity Global Solutions as an acceptable due-diligence provider.
The impairment rate on securitized non-QMs posted its largest one-month jump in November since the early days of the pandemic. Hurricane Ian was a factor.
Efforts by the MBA and other industry participants to get the California Supreme Court to overturn a lower court’s ruling failed near the end of December. Servicers in the state are now limited on the amount default interest they can charge.
Nonprime servicing portfolios increased by 1.7% in the third quarter and 7.5% year-over-year. Only three of the top-10 players in the sector saw volumes decline from the second to the third quarter. (Includes data chart.
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