Although secondary market sales by bank mortgage banking platforms were down 8% in the fourth quarter, it still ranked as one of the busiest periods since early 2013. (Includes two data charts.)
Top-ranked servicer Ocwen Financial is trying to put its problems in the rear view mirror. But a new problem has arrived on its doorstep: Ultra low rates (again), courtesy of the coronavirus.
Mr. Cooper, the nation’s third largest residential servicer, reported strong earnings for the fourth quarter, aided by deferred tax assets and a mark-to-market gain.
BlackRock transferred $589 million of stock in PennyMac Financial Services, accounting for a 20% stake in the lender, to two of its affiliated charitable entities. BlackRock initially invested $34 million in PennyMac in 2008.
Despite talk that lenders would reduce loan originator compensation in 2019, comp increased on an annual basis. Lenders could reduce LO comp this year with refi business expected to decline.
Application programming interfaces have the potential to create efficiencies in the mortgage industry, though standardization is key, according to leaders spearheading an effort at MISMO.
The ways in which servicers interact with borrowers can play a major role in whether the lender/servicer will retain the customer, according to a Stratmor study. Borrowers tend to like email communication.
Fraud risk on purchase mortgages increased in November after falling for six consecutive months, according to First American. The risk could be contained as long as interest rates stay relatively low.
No rate hikes in 2020? A totally “neutral” Fed? We’ll see about that. Meanwhile, non-QM lenders Angel Oak Mortgage Solutions and Citadel Servicing have bulls in their eyes.
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