Originations of purchase mortgages with primary MI coverage fell slightly in the first quarter, but the spike in refi activity, especially in the government market, more than made up the difference. (Includes four data tables.)
The guidelines lay out the process lenders must develop for borrowers to request an appraisal reassessment when they believe a valuation was inaccurate or biased.
When mortgage bankers think of megabanks selling MSRs, Wells Fargo comes to mind. But U.S. Bank is selling servicing rights as well. Its latest sale: a $15 billion package of GSE rights.
Lenders continue to make bulk purchases to offset runoff in their portfolios and make up for anemic originations. However, demand for MSRs could be near a peak, according to industry analysts.
Servicing outstanding increased by an estimated 0.3% in the first quarter. Meanwhile, Mr. Cooper Group, which recently became the largest primary servicer, boosted its portfolio by 14.6% from the end of 2023. (Includes three data tables.)