Holdings of residential first-lien mortgages by banks and thrifts increased again in the third quarter of 2017, according to a new ranking and analysis by Inside Nonconforming Markets. Banks and thrifts held first liens with a total unpaid principal balance of $1.99 trillion as of the end of the third quarter, up 1.1 percent from the previous quarter and a 3.3 percent increase from a year ago. First-lien holdings are dominated by three big banks: Wells Fargo ... [Includes one data chart]
Since the start of 2015, credit ratings have been upgraded on nearly $350.0 billion of vintage non-agency MBS, according to Bank of America Merrill Lynch. The upgrades follow extensive down-grades during the financial crisis and can help create profits for investors.
The number 15th ranked Fairway Independent Mortgage wouldn’t provide a hiring estimate but CEO Steve Jacobson said, “We’re always open minded about opportunities.”
Marc Savitt, who runs The Mortgage Center, Martinsburg, WV, called the technology snafu a “big deal,” adding: “It’s taking weeks to receive we got in days.”
At Sept. 30, roughly $2.09 trillion – or 19.9 percent of total residential mortgages outstanding – were being subserviced by a vendor that didn’t own the underlying servicing strip…
But the gain was largely attributable to one bank – Wells Fargo – which acquired an agency servicing portfolio of about $51.0 billion from Seneca Mortgage…
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