The "Lost Sales Analysis" product – licensed from its developer, Equifax – helps originators determine if applicants closed a mortgage with a competitor.
Nonbanks continued to grab a larger share of the mortgage servicing business during the fourth quarter of 2016, and the rapid emergence of investor servicers – firms that buy mortgage-servicing rights while tapping other firms to actually administer the pools – promises to bring more change. A new Inside Mortgage Finance ranking and analysis shows that nonbanks that ranked among the top 50 servicers increased their holdings by 6.9 percent during the fourth quarter. Depository institutions among the top 50 servicers reduced their holdings by 1.2 percent during the same period. With Citi, the sixth-largest servicer at the end of 2016, now in the process of selling a large chunk of its MSR assets – in some cases to investors that will use subservicers – the demographics of the industry will change...[Includes two data tables]
Not only did Citigroup shock the market this week with its decision to exit residential servicing operations, but the move could be the start of an eventual withdrawal from all mortgage banking. For now, the nation’s sixth-largest servicer – and 13th-largest originator – is strongly refuting such talk, but that isn’t stopping the industry from speculating on the megabank’s next move. “If they firmly believe they can’t make money in servicing and cross-selling, then this is...
Tom Hutchens of AOMS, said “a lot” of his optimism about higher nonprime origination volumes for 2017 is tied to securitization. “This is now a liquid market,” he said.
The largest Fannie/Freddie servicers are still Wells Fargo, JPMorgan and Bank of America, but all three continue to shrink their exposure to GSE product...
The CFPB Office of Inspector General recently initiated an evaluation of the bureau’s use of vendors to support its analysis of fair lending compliance, the OIG indicated in its latest work plan. The OIG begins by noting, among other responsibilities, the CFPB is charged with providing oversight and enforcement of federal laws intended to ensure the fair, equitable and nondiscriminatory access to credit. But what may surprise many in the industry is to learn that the agency relies on external vendors to help fulfill this responsibility. “Our objective is to assess whether the CFPB effectively mitigates the risk associated with the use of vendors to support fair lending analysis, particularly with respect to potential conflicts of interest,” said the OIG ...
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