Cyberattack will cost loanDepot at least $12 million; average borrower has nearly $300,000 in home equity; home prices overvalued across the country; MSR gain some value; new servicing platform from Sagent; MCT offers TBA pricing indicators; lender launches real estate platform.

The banking industry reported a slight contraction in its servicing for others in the fourth quarter of 2023. Wells Fargo accounted for a significant share of the industry’s decline. (Includes data table.)

Lenders cut more staff; rate locks up 14% in January; borrowers have plenty of equity; bill to limit trigger leads in House; LoanCare revamps servicing website; Staircase launches ChatMTG.

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.

Should lenders retain servicing duties or let a subservicer handle those responsibilities? Subservicers suggest they’re the best option.

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.)