Industry analysts are divided on how the Current Expected Credit Loss model accounting standard will impact mortgage lending by banks. The model, established by the Financial Accounting Standards Board in 2016, is set to take effect in 2020. The accounting standard will apply to loans held in portfolio. It requires upfront recognition of credit losses using long-term economic forecasts but doesn’t allow upfront recognition of future revenues associated with a loan ...
With the ink still dry on the January calendar, Mr. Cooper said it would buy Seterus and its $48.0 billion servicing platform. Now comes the big question: Which firm or portfolio is next on its buy list? As Inside Mortgage Trends went to press this week, several large bulk packages of mortgage servicing rights were ready to hit the auction market, including two that are north of $10 billion. The Seterus sale was announced on Jan. 3. Investment bankers immediately started speculating ...
The Money Source Inc., Melville, NY, is exiting the retail and wholesale channels to focus its resources on growing its servicing business and correspondent platform. In an interview with Inside Mortgage Trends, TMS President Ali Vafai noted that AmeriSave Mortgage Corp., Atlanta, bought the retail platform with the wholesale division landing elsewhere. The buyer of the latter has yet to be revealed and negotiations are continuing, said Vafai. No purchase price was disclosed on ...
“The only way to get through that is to sell assets – and for many of them that means mortgage servicing rights,” Steve Harris of MIAC told Inside Mortgage Finance.
RSS