At Finance of America, fourth quarter revenues came in at $539 million, down 10.9% sequentially. Pre-tax income totaled $153 million compared to $242 million in 3Q20.

Wells Fargo was the top jumbo servicer, with $268.73 billion of product at yearend, down 14.2% from the end of 2019.

Mortgages in the $272.3 million MBS have seasoned for an average of six months.

Due partly to the pandemic, which had an outsized negative impact on non-agency lending, the jumbo sector saw its share of overall originations drop to just 9.7% in 2020 from 16.7% in 2019.

One consultant asks: Why would you want to retain servicing in a state with really high delinquencies?”