Short Takes: New Cybersecurity Reporting Requirement / Biden Pressed on Affordable Housing / Non-QM Delinquencies Not Leading to Many Losses / New CRT From Fannie March 5, 2024 Brandon Ivey Effective immediately, Ginnie issuers must notify the agency of any cybersecurity incident within 48 hours after the issue is detected.Read More
VA Mortgage Assumptions Jump in 2023 March 4, 2024 Monica Hogan VA processed 2,244 loan assumptions in 2023, compared with 308 in the previous year.Read More
Short Takes: Recapture Tip / Home Prices Overvalued / MSR Values Improve / AI Help on Guidelines March 4, 2024 Brandon Ivey Servicers retained only about 20% of borrowers that refinanced their mortgages during the fourth quarter of 2023.Read More
UWM Selling MSRs Rather Than Directly Hedging February 29, 2024 Brandon Ivey Rather than hedging MSRs, UWM relies on its origination capabilities and sells some MSRs.Read More
Banks Could See Preemption Win in Supreme Court Case February 28, 2024 Shannon Clark The Supreme Court heard oral arguments Tuesday on whether states can require banks to pay interest on funds held in servicing escrow accounts.Read More
Mortgage Income at Banks Drops in Fourth Quarter February 28, 2024 Andras Malatinszky Banks' income from mortgage banking operations declined by 24.6% in the fourth quarter.Read More
MSR Fair Values Drive Loss at UWM in Fourth Quarter February 28, 2024 Brandon Ivey UWM's margins declined slightly in the fourth quarter but, for the full year in 2023, were well above the level seen in 2022.Read More
Short Takes: Cyber Attack to Cost loanDepot at Least $12 Million / Mortgage Applications Decline / Home Prices Up in December / Sales of New Homes Increase / Pretium Sells a Stake February 28, 2024 Brandon Ivey Insurance won't fully cover loanDepot's expenses from a cyberattack that occurred in January.Read More
MSR Fair Value Changes Prompt Loss for Ocwen February 27, 2024 Brandon Ivey Disregarding changes in MSR values, Ocwen's servicing business was profitable in 2023 while the nonbank's origination business broke even.Read More
GSE Servicers Face New Requirements on Property Insurance February 26, 2024 Dennis Hollier The GSEs are looking to ensure servicers have policies and procedures in place that require borrowers continuously maintain property insurance.Read More
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