The FHFA’s proposed financial standards for GSE seller/servicers could be a boon for larger firms; CFPB launches small business advisory review panel for rulemaking on automated valuation models; foreclosure starts jump; MISMO launches rate quote standard for mortgage insurance; delinquency rate on property taxes declines.
The number of loans 30-59 days delinquent in agency MBS increased during the second half of 2021. Late payments increased on FHA mortgages along with GSE loans. (Includes data chart.)
Freedom Mortgage ranked as the top bulk buyer of agency MSR in 2021, but Chase came on strong in the second half. Coissuance volume gained some share last year, led by Lakeview Loan Servicing as the top buyer.
The final rule simplifies regulations on insurance coverage for deposits held in mortgage servicing accounts. But the changes don’t go into effect until April 1, 2024.
Few states have laws defining an “abandoned property,” leaving servicers with local ordinances and case law as their guides in many foreclosure procedures.
There is some evidence that production was less efficient in the third quarter, but profitability was up anyway. Servicing income was clearly stronger. (Includes data chart.)
The banking industry grew its servicing-for-others accounts in the third quarter of 2021. Chase, Truist and Fifth Third accounted for a significant share of the industry's gain.
Lenders are at the mercy of United Wholesale Mortgage’s pricing decisions, according to UWM’s president and CEO; Finance of America is seeing better returns from reverse mortgage lending than from traditional mortgages; the IRS released guidance on the Homeowner Assistance Fund.
Rocket Mortgage sold over $40 billion of agency MSRs during the third quarter in one of the busiest servicing-transfer markets ever. Ocwen Financial, Freedom Mortgage and a trio of banks were among the buyers.
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