Select Portfolio Servicing gained ground during the third quarter but Shellpoint Mortgage Servicing remained the top servicer of non-agency MBS. (Includes data chart.)
Three deals hit the market late last week. Chase issued a jumbo MBS backed by fresh loans while two other issuers packaged investment-property mortgages.
Velocity resumed lending in September, predicting that production could hit pre-pandemic levels by the second quarter of 2021. The nonbank also took a large charge-off in the third quarter.
If not for the surge in originations and refi income, the delinquencies and defaults seen this spring could have caused some mortgage companies to fail, according to Federal Reserve Governor Michelle Bowman.
The MBA and many other trade groups have urged federal regulators to extend a break on troubled debt restructuring for loan mods related to the coronavirus.