The Supreme Court heard oral arguments Tuesday on whether states can require banks to pay interest on funds held in servicing escrow accounts.

Banks' income from mortgage banking operations declined by 24.6% in the fourth quarter.

UWM's margins declined slightly in the fourth quarter but, for the full year in 2023, were well above the level seen in 2022.

Insurance won't fully cover loanDepot's expenses from a cyberattack that occurred in January.

Disregarding changes in MSR values, Ocwen's servicing business was profitable in 2023 while the nonbank's origination business broke even.

The GSEs are looking to ensure servicers have policies and procedures in place that require borrowers continuously maintain property insurance.

Julie McCurley, director of servicing at Mortgage Quality Management & Research, noted that subservicers typically review 10% of their entire portfolio, which consists of loans from multiple clients, providing a low probability for one client’s loans to be reviewed in a subservicer’s audit cycle.

The MBA cautioned that a ruling by the Fourth Circuit against PHH Mortgage departed from standard practices and could have wide-ranging harmful impacts for lenders.

JPMorgan Chase had the largest jumbo servicing portfolio, with $327.9 billion in volume at the end of December.

NYCB takes on the Flagstar name across both brands.