Selling Ginnie Mae servicing rights has been a difficult task the past few months. Signs of life anywhere? It all depends on your definition of the word life.
Servicers of Ginnie product are buying delinquent FHA and VA loans out of MBS pools and now the mortgages are showing up in a different forbearance category.
Rocket Companies, which controls Quicken, one of the largest FHA and VA funders, posted stellar earnings for 2Q20. The figure, however, is preliminary.
There was a huge spike in early-payment delinquencies in April that migrated to more serious categories of default in May and June. Last month saw a huge increase in servicer buyout of delinquent loans. (Includes four data charts.)
Even though loan forbearance is an issue that won’t go away, some FHA lenders are reporting off-the-charts profit margins. Included in that club: Mr. Cooper.
RSS