Income fell at four nonbanks in the second quarter, though performance was far from uniform. loanDepot’s profits dropped 94% compared with the previous quarter.
The number of borrowers whose forbearance plans will expire in the fall is greater than they might have been because maximum forbearance periods are varied based on when a borrower started a plan.
Some new players came into the bulk agency MSR market in the second quarter, though Freedom Mortgage and other familiar names remained the biggest buyers. Coissuance volume rose slightly, thanks to Ginnie Mae. (Includes three data charts.)
At its current pace, the banking industry will soon have less than $3 trillion of servicing-for-others on its books. But MSR values saw one of their biggest quarterly gains in early 2021.
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.
Bulk transfers of Fannie and Freddie servicing rights increased significantly from the fourth quarter, but the Ginnie market was dead. New bulk buyers topped the ranking. (Includes three data charts.)
Subservicing has been a growth business the past several years but now some mortgage bankers, flush with cash from the refi boom, are bringing the task inhouse.