A handful of nonbanks with limited production capacity saw significant gains in their GSE servicing portfolios during the first quarter, including New Residential Investment, Matrix Financial Services and Pingora Loan Servicing. Overall, Fannie/Freddie MSRs grew $9.1 billion from December.
The supply of Freddie Mac single-family mortgage servicing rights grew at more than twice the rate of increase in Fannie Mae product during 2018, according to a new Inside the GSEs analysis and ranking. [Includes two data charts.]
The country’s fourth-largest subservicer, Mr. Cooper, will purchase IBM’s mortgage servicing subsidiary Seterus. The deal, expected to close in the first quarter of 2019, will give Mr. Cooper servicing rights to $24 billion in GSE mortgages as well as subservicing contracts for another $24 billion in loans. In addition, Mr. Cooper will acquire Seterus’ mortgage servicing platform.
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