Non-agency loans account for about 30% of all residential mortgages outstanding and, unlike with servicing for the GSEs or government-insured mortgages, there’s no standardization in how servicers will respond to borrowers facing financial difficulties tied to the coronavirus.
Nearly all the firms in a group of 30 servicers increased their jumbo portfolio in 2019. Chase and Truist were the only ones to see a decrease. (Includes data chart.)
As has been the norm post-crisis, subprime servicing portfolios declined for most players in 2019. Ocwen remained the largest processor in the pack. (Includes data chart.)
SEC to meet MBS issuers; HPS acquires Citadel; Anworth plans non-QM MBS; Quontic streamlines non-QM refis; Ocwen takes a loss on servicing for New Residential.
At least eight expanded-credit MBS rated by DBRS Morningstar suffered losses in the second half of 2019. Investors, though, were protected due to high credit enhancement levels.
Among a group of 30 prominent servicers of jumbo mortgages, only three shrank their portfolios in the past year. Wells Fargo remained the top-ranked servicer as of September 30, though the bank lost some market share. (Includes data chart.)
New guidelines from SFA for TRID reviews in non-agency MBS; Figure raises capital and makes a hire; Premium Point CEO sentenced to prison; Verus and Carrington launch new products; Fitch upgrades servicers; Sachem co-CEO resigns.
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