Efforts by the MBA and other industry participants to get the California Supreme Court to overturn a lower court’s ruling failed near the end of December. Servicers in the state are now limited on the amount default interest they can charge.
Depositories grew their first-lien portfolios during the third quarter. JPMorgan was the only bank among the top 10 to report a sequential decline. (Includes data chart.)
Nonprime servicing portfolios increased by 1.7% in the third quarter and 7.5% year-over-year. Only three of the top-10 players in the sector saw volumes decline from the second to the third quarter. (Includes data chart.
Distressed borrowers with subprime mortgages in states with a judicial foreclosure process achieve non-foreclosure outcomes at a higher rate than similar borrowers in states that don’t have a such a process, according to findings from a new paper.
Banks and thrifts added a significant amount of first liens, with a focus on adjustable-rate mortgages, to their portfolios in the second quarter. Overall, holdings increased by 4.2% between March and June. (Includes data chart.)
After aggregating mortgages from some of the largest players in the non-agency market, Pacific Western Bank is looking to sell risk on the loans that have a total unpaid principal balance of $2.68 billion.
Impairments, which reflect delinquencies and modifications, increased on securitized non-QMs for a second consecutive month. In July, the performance of severely distressed borrowers also worsened.
Among the top 15 servicers of nonprime mortgages, portfolios increased slightly in the second quarter. Delinquencies, meanwhile, improved. (Includes data chart.)
Among the top 30 jumbo servicers, portfolios increased during the second quarter. Servicing declined at top-ranked Wells and increased at nearly all others in the top 10. (Includes data chart.)