Most of the industry's dramatic $245 billion decline in servicing for others was the result of a change in reporting practices at Flagstar Bank. However, a number of large banks continued to back away from the business of servicing for others. (Includes data chart.)
With more than 8% of mortgages now in forbearance, industry experts are exploring ways to give an added impetus to digitizing the loan-modification process.
Roughly a third of the bulk MSR transfers recorded in the first quarter of 2020 came as NewRez boarded servicing rights it acquired from Ditech Financial several months ago. (Includes three data tables.)
Lenders and servicers alike are facing huge challenges due to the coronavirus, with many rising to the operational challenge. However, when it comes to MSR sales, the picture is bleak.
Most of the banking sector's 1% drop in servicing for others is attributable to declining balances at Wells Fargo and JPMorgan Chase. (Includes data chart.)
Top-ranked servicer Ocwen Financial is trying to put its problems in the rear view mirror. But a new problem has arrived on its doorstep: Ultra low rates (again), courtesy of the coronavirus.
NewRez, Lakeview and Mr. Cooper ranked as the top bulk buyers of agency servicing in 2019. Coissuance volume was flat in the fourth quarter despite a rise in overall agency securitization. (Includes three data charts.)
RSS