Several top buyers of bulk agency MSR in the fourth quarter also sold some servicing as they rebalanced their portfolios. Lakeview was the top buyer in both bulk and coissuance deals. (Includes three data tables.)
Delinquencies on loans in agency MBS increased across the board in the fourth quarter of 2023. The rate of performance deterioration quickened compared with trends earlier in the year. (Includes data table.)
While originations are expected to increase this year, margins might not improve much; First American back online following cyberattack; MSR demand expected to remain strong; held-to-maturity accounting lives on; new digital servicing platform; new buydown program.
Lower interest rates have been particularly impactful in the market for new homes; MBA projects a mild recession in the first half of 2024; new MISMO working group initiated by the GSEs; technology for closing disclosure forms.
Outlook improves for large nonbanks; tech vendors take losses while increasing market share; rate locks decline; new verification offerings from CoreLogic; LOS provider and servicing tech vendor partner; MISMO seeks comments on engineering guidelines.
Most of the increase in bulk MSR transfers in the third quarter came from Mr. Cooper’s acquisition of Home Point Financial’s portfolio. But coissuance activity increased more than total agency MBS issuance. (Includes three data charts.)
Delinquencies on securitized mortgages increased in all parts of the agency market during the third quarter. The increase was concentrated in early-stage delinquencies. (Includes data chart.)
As severe weather events batter major housing markets, borrowers are finding it difficult and expensive to obtain homeowners insurance, according to panelists at a Mortgage Bankers Association conference.
High interest rates push down rate lock activity in August; Guaranteed Rate touts five-minute approvals; startup aims to link homebuyers with assumable mortgages; foreclosures increase; MISMO updates offerings.
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