Mortgage-banking income at banks and thrifts increased by 36% in the first three months of 2023. Still, earnings were below the levels seen in the first quarter of last year.
Borrowers with certain fixed-rate mortgages from Navy Federal Credit Union can now have their interest rate lowered when rates offered by the lender decline. No refi necessary, only a $250 fee.
Rate locks decline; MISMO launches latest reference model; CFPB warns on the use of chatbots; Chase to pay mortgage seekers to shop with the bank; mortgage market losing share to cash buyers; data breaches lead to increase in denial of mortgage credit.
The first prime auto loan ABS from Volkswagen since late 2021 was upsized this week. And GLS offered its first near-prime auto ABS, expanding on subprime offerings.
Credit Suisse rejects bids for non-agency MBS servicing handled by SPS; SFA President Kristi Leo to depart; Ginnie sets timelines for transition away from GinnieNET; hotel operator details reasons for ceasing payments on loan in commercial MBS.
MISMO is helping to facilitate collaboration between servicers and federal regulators to improve the servicing transfer process. The CFPB is also keeping a close eye on complaints tied to servicing transfers.