FHFA Director Mark Calabria this week ended a pilot program that allowed the GSEs to extend lines of credit to nonbanks pledging servicing rights as collateral.
The transfer of bulk mortgage servicing rights was strong in the second quarter but dealmakers didn’t really feel it in the auction market. Investment bankers believe the second half could see strong MSR sale activity.
The Social Security Administration has closed the enrollment period for financial institutions to participate in a new fee-based, automated program to verify individuals’ Social Security numbers for lending purposes.
It's no secret that Ginnie Mae officials are losing sleep over nonbanks dominating the government MBS market. With liquidity a primary concern, the agency is ready to consider "non-traditional" investors in its MSRs. But there's a catch: They may have to commit as much as $1 billion.
Subservicing vendors continued to grow during the first quarter but a few firms saw a reduction in contracts. Cenlar remained the dominant player but Mr. Cooper, Flagstar and Ocwen are eager to compete. Meanwhile, consolidation looms.
The National Association of Realtors this week picked apart FHFA's plan to recapitalize the GSEs and release them from conservatorship. NAR, by the way, favors a model where the GSEs are morphed into shareholder-owned utilities.
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