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…
It hasn’t happened often in recent years, but commercial banks and thrifts were actually servicing more home mortgages for other investors at the end of September than they had at the midyear point. A new analysis by Inside Mortgage Trends of bank call reports shows the industry was servicing $3.652 trillion of home loans for other investors at the end of the third quarter. Most of this SFO business is tied to mortgage-backed securities pools, and the ... [Includes one data chart]
Mortgage repurchase activity was up sharply at Freddie Mac during the third quarter, while buybacks were down at Fannie Mae, according to an Inside Mortgage Trends analysis of disclosures filed by the two government-sponsored enterprises. Loan sellers repurchased or made other indemnification related to $142.43 million of loans sold into Freddie mortgage-backed securities during the third quarter, a sharp 48.3 percent increase from ... [Includes two data charts]
Drivers for ride-sharing companies and other participants in the so-called gig economy largely work the jobs to earn extra money. But even with the supplemental earnings, many in the gig economy don’t expect to purchase a home any time soon, according to a survey by Fannie Mae. The lack of demand for mortgages from workers in the gig economy is significant because 16 percent of adults in the U.S. work in the sector, including ride sharing, food delivery, handyman services ...
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