Nonbank mortgage servicers continued surging into the top ranks of servicers during early 2013, more than doubling the size of their stake in the market compared to a year ago, according to a new market analysis and ranking by Inside Mortgage Finance. The seven largest nonbank servicers accounted for $1.40 trillion in mortgage servicing at the end of the first quarter, an increase of 68.9 percent in just three months. Compared to a year ago, the combined portfolio of these companies was up 144.3 percent. Ocwen Financial rose...[Includes one data chart]
Genworth Financial reported improved first-quarter earnings, Mortgage Guaranty Insurance Co. made some progress on the litigation front while new entrant National Mortgage Insurance went through some highs and lows in the same week. It’s not every day a private MI gets to report a net profit, but Genworth’s U.S. mortgage operation posted $21 million in operating income during the first quarter, following a $32 million loss in the previous quarter. It was the first time in five years that the MI unit reported a profitable quarter. First-quarter results included a $4.5 million charge related to the settlement with the Consumer Financial Protection Bureau announced on April 4. Genworth’s MI losses were...
The Treasury Department strongly defended the Home Affordable Modification Program this week after criticism and calls for changes from the Special Inspector General for the Troubled Asset Relief Program. The Obama administration is also considering extending HAMP, which is currently set to expire at the end of this year. “Data show that the majority of homeowners who receive assistance from HAMP have a high likelihood of long-term success to avoid foreclosure, and that HAMP modifications continue to outperform private industry modifications,” said Andrea Risotto, Treasury’s spokesperson for HAMP. She was responding...
The high-profile ability-to-repay rule and its “qualified mortgage” standard issued earlier this year by the Consumer Financial Protection Bureau is still a work in progress, as mortgage lending industry representatives continue to work the regulators for additional changes and clarifications before the January 2014 implementation. Last week, in meetings with CFPB personnel, officials from the Mortgage Bankers Association pressed for changes and additional guidance on the final rule. The CFPB recently issued a proposed rule to clarify a number of issues related to the January ATR rule. Many of the issues the trade group raised last week were not addressed...
The White House continues to search for someone to head the FHFA. But will it ever officially introduce a candidate? Mel Watt's name has come up again.
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