And now the obvious questions becomes: where does Ocwen go from here? The company can’t possibly be sold because of all the outstanding lawsuits and “legacy” problems...

The secondary market in agency mortgage servicing rights cooled off in the first quarter of 2017 after a hectic end to 2016, according to an exclusive analysis and ranking by Inside Mortgage Trends. A total of $109.78 billion of agency MSR changed hands during the first three months of the year, down 32.9 percent from the fourth quarter of 2016. Part of that was due to a 26.2 percent decline in new business volume at Fannie Mae, Freddie Mac and Ginnie ... [Includes three data charts]

Nonbanks serviced $2.418 trillion of agency loans at the end of the first quarter, up 21.6 percent from a year ago…

The problem with the perceived appraiser shortage is not whether VA has enough appraisers but whether there are enough of them in areas where appraisal demands are greater, according to a ranking member of the VA Fee Panel of the Department of Veterans Affairs. As of April 8, 2017, the Fee Panel had 5,006 licensed and certified appraisers working in the eight regional loan centers (RLC) that administer the VA Home Loan Guaranty program, said Kevin Eason, valuation officer with the Denver RLC. Last year, 553 new appraisers were appointed to the panel, whose members accept VA appraisal assignments on a rotating basis. Speaking last week at the annual VA Lenders Conference in Kansas City, MO, Eason noted...

The largest civil money penalty imposed by the board was $604,000 as part of a settlement with Ocwen Loan Servicing...

On a loan count basis, Michigan represents the largest chunk of the portfolio at 37.1 percent.

John Getchis, senior vice president at Ginnie Mae, said he does not think the churning trend will continue…

Even though PennyMac fared slightly worse than the total market, its first-quarter downturn was less severe than Wells Fargo’s.

There is a new boss in the Ginnie Mae mortgage-backed securities market. PennyMac Financial rose to the top of the issuer ranking in the first quarter of 2017 despite a sharp decline in volume, according to a new analysis and ranking by Inside FHA/VA Lending. PennyMac issued $10.78 billion of single-family Ginnie securities during the first three months of the year. The figures in this analysis are based on Ginnie loan-level disclosures, which truncate loan amounts to $1,000 increments. PennyMac’s first-quarter production was off 27.9 percent from the fourth quarter of 2016, a slightly bigger decline than the 24.8 percent drop in overall Ginnie issuance. Even though the firm fared slightly worse than the total market, its first-quarter downturn was less severe than Wells Fargo’s. Wells has been the top Ginnie producer for a long time, as well as the top player in most segments of the ... [ Charts ]

A steep drop in VA-backed securities issuance in the first quarter of 2017 suggests that Ginnie Mae’s efforts to curb serial refinancing of VA loans are working, according to agency officials. Speaking on a panel at the annual VA Lenders Conference in Kansas City, MO, this week, Ginnie executives said that a change in pooling requirements for streamlined refinance mortgages appears to have curbed a destructive appetite for refinancing new VA loans within six months of closing. The practice has caused faster prepayments in Ginnie mortgage-backed securities pools and smaller payouts to investors. VA refi volume fell 42.7 percent from the previous quarter (see chart on page 2), contributing significantly to the 32.2 percent decline in total VA loan securitization during the period. John Getchis, senior vice president at Ginnie Mae, said he does not think the churning trend will continue because the ...