With $1.811 trillion of mortgage servicing rights on its books at the end of the first quarter, it would take an earthquake to knock Wells Fargo into the humble 12-figure universe.
At the end of March, Two Harbors affiliate TH Insurance had $464.5 million of outstanding secured advances from the Federal Home Loan Bank of Des Moines.
It seems that GSE officials, to some degree, are trying to manage future expectations, but one thing is certain: guaranty fee income remains very strong.
Although the pace of blockbuster servicing deals appears to have slowed, the giants of the mortgage-servicing business continued to leak market share in early 2014. Significantly, there is now just one lender with more than $1 trillion in mortgage servicing. Back in the third quarter of 2005, Countrywide Financial became the first company to amass over $1 trillion in mortgage servicing, and Wells Fargo joined the club by the end of that year. Chase Home Finance became a $1 trillion servicer in the fourth quarter of 2008, shortly after Bank of America took over Countrywide and became the first $2 trillion servicer. But BofA dumped...[Includes two data charts]
The most significant bill up for debate Wednesday is the Portfolio Lending and Mortgage Access Act, introduced by Rep. Andy Barr, R-KY, which would deem all loans held in portfolio to be qualified mortgages under the CFPB’s ability-to-repay rule.
FHFA chief Mel Watt said he would not “elaborate on these issues today,” but promised “you will certainly be hearing more about this as we move forward.”
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