Wells Fargo could be dethroned as the largest mortgage servicer shortly.

Chopra didn't provide details on the CFPB's plans, though he noted issues with paperwork, servicing fees and credit reporting.

Staffing levels at servicers are declining, though not nearly at the rate seen on the origination side.

Mortgage-banking income at banks and thrifts increased by 35.7% in the first quarter of 2023 compared with the previous quarter.

Prior to the ruling, lenders and mortgage servicers would often advance the amounts homeowners owed to the government in order to prevent the foreclosure sale and resulting release of their lien.

The Consumer Financial Protection Bureau director said a Supreme Court ruling against his agency would "create major uncertainty in our mortgage markets."

Operating income from servicing is stable; fluctuations in MSR valuations account for most of the ups and downs in the sector.

Roughly $1.6 billion in advances were attached to the portfolio.

Foreclosure filings increased in May.

Limited prepayment activity it helping to prop up jumbo servicing portfolios.