There was some positive news in the form of originations. Ocwen funded $412.2 million in forward and reverse mortgages in 3Q, declaring that its annualized run rate (based on October production) now totals $2.6 billion.
JPMorgan Chase was the top earner in the third quarter with $886.0 million in mortgage banking fees and related income, a three-fold increase from the previous period. However, the huge gain comes with a significant asterisk…
A kinder, gentler CFPB? Looks that way. The agency now typically addresses fair lending violations through the supervisory process by issuing firms letters, such as “matters requiring attention” or “supervisory recommendations,” rather than escalating them to enforcement actions.
Genworth’s sale to China Oceanwide Holdings is still pending. The deal was struck back in 2016. So what’s the hold up? The short answer: Selling anything to China is complicated these days...
The combined portfolio of the top five servicers actually declined slightly during the third quarter. Megabanks Wells Fargo, Chase and Bank of America shed a combined $26.8 billion during the third quarter, with $20.0 billion of that taking place at Wells. Mr. Cooper Group, the largest nonbank servicer, reported a slight $2.5 billion drop, although its subservicing portfolio grew 2.8% to $310.5 billion.
Prior to being placed into conservatorship in the fall of 2008, it was common for Fannie Mae and Freddie Mac to offer guarantee fee discounts to their largest customers, a situation that put smaller lenders at a disadvantage.
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