By itself, BofA accounted for 79.3 percent of the $606.3 billion shrinkage in commercial bank MSR portfolios during 2013. Where did all that servicing go to?
“Cheap is the goal now,” said Chuck Klein, a managing partner at Mortgage Banking Solutions, Austin, TX. “I’m seeing many mortgage-banking firms that want to buy, and they’re looking at either smaller firms or branches.”
In a new report, Compass Point Research & Trading asks: “Are the special servicers bad actors?” CPR&T concludes the answer is no, but notes “there is some merit” to concerns about the rapid portfolio growth at certain firms…
Company executive Doug Reilly, commenting on the mortgage M&A market, had this to say: “It seems we need to take 20 girls to the alter just to marry one”…
Investors at private equity firms told IMFnews that they believe Lawsky is using the DFS as a “bully pulpit,” paving the way for a possible run for public office.
The InterLinc executive said there’s a great deal of interest from potential acquisition targets, but he cautions that, “Not everyone wants to make the move.”
Some mortgage technology consultants, speaking on-background, are prophesizing that the investment will lead to Google moving into the realty market and becoming a direct competitor to traditional Realtors.