Three New York mayors have filed lawsuits against Ocwen/PHH in an attempt to send a message to servicers to take care of “zombie properties.”

Offshoring certain functions involved with originations or servicing can generate cost savings of 25% and beyond. Still, there are risks involved with the practice.

Observers point to forecasts of continued growth in the demographic, especially among young Hispanics aging into household formation and first-time home purchases.

Only two of 21 banks reported increased income from mortgage banking during the second quarter, both due to improvement on the servicing side of the business. (Includes data chart.)

Income fell at four nonbanks in the second quarter, though performance was far from uniform. loanDepot’s profits dropped 94% compared with the previous quarter.

Servicing sales’ worst enemy: declining interest rates. Bulk transactions are weak while flow deals hold steady.

The number of borrowers whose forbearance plans will expire in the fall is greater than they might have been because maximum forbearance periods are varied based on when a borrower started a plan.

All-cash purchases of homes are higher than they have been since 2014 but many lenders say the cash market isn’t having much of an impact on them.

Digital verification of borrowers’ income, employment and assets can significantly reduce the length of the mortgage closing process. And the tech got a boost from the pandemic.

The patent awarded to Liquid Mortgage covers a significant portion of the tech startup’s business model. LM is looking to apply blockchain to the mortgage securitization process.