The mortgage delinquency rate declined to 3.04% as of the end of May, down from 3.09% at the end of April, according to Intercontinental Exchange.

Sutherland and NOVAD formed a servicing operation in 2014 to service HECMs on behalf of HUD.

The groups noted that the availability of property insurance in California is declining and prices are rising.

J-T Gaietto, chief operating officer at ConvergentDS, a firm that helps assess cyber risks, said obtaining cybersecurity insurance “isn’t the easiest thing to accomplish.”

Home prices are slowing and an expected decline in interest rates could prompt further changes in the trajectory of home prices.

The Mortgage Bankers Association quarterly performance report found similar, though somewhat bleaker, results.

Total 1-4 family mortgage servicing outstanding hit a record $14.027 trillion at the end of March. Nonbanks handled 50.2% of the total, compared to 49.6% as of the end of 2023.

The Fed’s actions Wednesday didn’t change the MBA’s forecast for mortgage rates.

Panelists spoke Tuesday at an event hosted by the Bipartisan Policy Center.

SPS, which has been servicing residential loans since 1989, handles a portfolio of about $180 billion, largely of loans in non-agency mortgage-backed securities.