Transfers of agency mortgage servicing rights jumped significantly in the third quarter thanks largely to Citizens Bank’s acquisition of Franklin American Mortgage, according to a new Inside Mortgage Trends analysis. A total of $179.13 billion of MSR tied to Fannie Mae, Freddie Mac and Ginnie Mae mortgage-backed securities changed ownership during the third quarter, a hefty 38.3 percent jump from the prior period. Most of the activity was in bulk servicing ... [Includes three data charts]
The nation’s major banks had a challenging third quarter as residential production declined at most of the larger shops while nimble-footed nonbanks outperformed, according to a new analysis by Inside Mortgage Trends. Wells Fargo, the nation’s largest home lender and a bellwether for the industry, originated $45.2 billion in residential first liens during the third quarter, a 7.1 percent sequential decline. Its closest competitor, JPMorgan Chase, fared a bit better, funding $24.6 billion of ...