Nonbanks accounted for most of the improvement in servicing income in the first quarter while also reporting significant declines in originations and secondary marketing. Companies that use subservicers posted significantly higher earnings. (Includes data chart.)
The state, in a recent case, took the position that the owner of mortgage servicing rights, whether handling day-to-day obligations or relying on a subservicer, is required to be licensed under state law.
Bank acquisitions in the mortgage space have been few and far between the past few years. Still, officials at Western Alliance believe it makes perfect sense for the bank to acquire AmeriHome Mortgage.