Sales of several bulk portfolios of mortgage servicing rights were still pending as yearend approached, with talk increasing about a busy year in the mergers and acquisitions market for 2014. As always, the driver of such talk was interest rates: Higher rates are causing MSRs to increase in value, while a slowdown in refinancing is scaring many under-capitalized nonbanks into considering the once-unthinkable: selling out or partnering with a competitor. Originations are...
FHA officials first asked for the servicing authority back in June, but the request has gone nowhere. Fannie Mae and Freddie Mac already have transfer authority.
A BuckleySandler lawyer reached into Zen lore to make his point. “If a tree falls in the forest and no one hears it, does it make a sound?” he asked. Similarly, “Starting in 2014: If a lender complies with ATR/QM but cannot evidence it, has the lender complied?”
It may sound complicated, but it appears that Nationstar is selling a portion of its MSR fee on certain rights so it can deleverage and buy even more servicing.
The drop in warehouse commitments mirrored, somewhat, the fall-off in residential originations, which declined almost 19 percent in the third quarter, according to figures compiled by Inside Mortgage Finance.
The rating service this week placed the primary servicer rating of EverBank Mortgage on “watch” for a potential downgrade due to changes to the servicer’s platform.
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