Servicing

Browse articles from IMFnews related to Servicing.

February 21, 2018 - IMFnews

CFPB Seeks Feedback on External Engagements, Seven More RFIs to Come

The agency will issue seven more RFIs in the coming weeks on such topics as complaint reporting and inherited rules.


February 21, 2018 - IMFnews

Short Takes: IU Chief Pagliara Weighs in on Supreme Court Decision / Bill Ackman is Now Underwater on his GSE Bets / NAMB Wants Ban on ‘Trigger Leads’ / Ditech Names Interim CEO but Does He Get the $5 Million?

It appears that Pershing Square is now under water on its GSE investments...


February 21, 2018 - IMFnews

A Great Time to Sell Servicing Rights: IMA, MIAC and Prestwick Launch Auctions

The MSR auction calendar is starting to look crowded…


February 21, 2018 - IMFnews

Seniors Had Fewer Mortgage-Related Complaints in 2017

Most complaints from seniors over the past two years centered on conventional mortgages…


February 21, 2018 - IMFnews

High (Interest Rate) Anxiety Starts to Seep Into the Mortgage Industry

“The new year has all of us in the MSR market off to a running start as we see increases in mortgage rates and lower originations leading to greater demand, allowing for improved pricing of the MSR asset,” said Tom Piercy, managing director of Incenter Mortgage Advisors, Denver.


February 21, 2018 - IMFnews

PennyMac Readies Another ABS Backed by Ginnie Mae MSRs, Deal Receives Preliminary BBB- Rating

PennyMac likely will use the proceeds to buy additional servicing rights…


February 16, 2018 - IMFnews

What We’re Hearing: Death, Taxes and the GSEs / Sweet Tax Cows / Not a Peep Out of Pershing Square and Fairholme / The Wrath of Jeb / MSR Market Heats Up / A Huge Profit for Annaly / Citizens Bank Gets a New Mortgage Chief

Suffice to say, Fannie and Freddie are two cash cows that only a crazy person would eliminate, unless that crazy person doesn’t like money…


February 16, 2018 - IMFnews

The WMIH-Nationstar Merger, a Feat of Financial Engineering

Once consummated, the merger will allow Nationstar to shelter its earnings for years to come…


February 15, 2018 - IMFnews

Behind the White House’s Request to Shore Up FHA Tech: 73 System Outages in 2017

The budget proposal calls for exempting “small lenders” – companies that generate about 20 percent of FHA business – from the IT fee.


February 15, 2018 - IMFnews

CFPB Continues with its ‘Public Input Series,’ Wants Feedback on Supervisory Processes

This is the fourth in a series of RFIs announced as part of Acting Director Mick Mulvaney’s “call for evidence.”


February 14, 2018 - IMFnews

New Tax Law Blows a Hole in Fannie Mae’s 4Q17 Results, FHFA to Ask Treasury for $3.7B in Cash to Eliminate the ‘Net Worth’ Deficit

As National Association of Realtors Vice President Joe Ventrone put it: “It’s an unintended consequence of the tax bill rather than falling into the bailout narrative.”


February 14, 2018 - IMFnews

127 Mortgage Banking Executives Sign ‘Open Letter’ to Congress on GSE Reform

Housing finance reform legislation is being worked on in the House and Senate but has yet to be formally introduced.


February 13, 2018 - IMFnews

Mortgage Firms Looking to Sell Servicing Rights are Sitting Pretty

Dealmakers point to not only higher interest rates but lower anticipated loan production and MSR values that are firming up.


February 13, 2018 - IMFnews

Nation’s Third Largest Servicer Nationstar Agrees to Merge with KKR-Backed WMIH

Nationstar’s stock is publicly traded, but is majority owned by Fortress Investment Group, which late last year was sold to SoftBank.


February 13, 2018 - IMFnews

CFPB Issues Industry-Friendly Strategic Plan

Acting CFPB Director Mick Mulvaney: “If there is one way to summarize the strategic changes occurring at the bureau, it is this: we have committed to fulfill the bureau’s statutory responsibilities, but go no further.”


February 12, 2018 - IMFnews

Nation’s Third Largest Servicer Nationstar Agrees to Merge with KKR-Backed WMIH

Nationstar’s stock is publicly traded, but is majority owned by Fortress Investment Group, which late last year was sold to SoftBank.


February 12, 2018 - IMFnews

Trump Budget: DTA Hits Mean Treasury Draws for Fannie and Freddie. White House Wants to Cut Contributions to the Housing Trust Fund

Freddie Mac's Treasury draw is estimated at $400 million...


February 12, 2018 - IMFnews

Short Takes: RESPA (TRID) Changes May Become Law / Watching the 10-Year (Rise) / Can Mulvaney Wear Three Hats? / Naming a Permanent CFPB Director / A New Hire for Silver Hill

Another day and another increase in rates...


February 12, 2018 - IMFnews

Housing Advocates Worried about Sen. Corker’s GSE Reform Draft

The Center for Responsible Lending and other groups said the Corker draft threatens access, affordability and market stability…


February 9, 2018 - IMFnews

What We’re Hearing: America, a Good Mortgage Customer? / Higher Rates, but How Much Higher? / Mortgage Bulls / Three Former Clayton Executives Launch Due Diligence Firm / Santander’s Warehouse Chief Departs / Mel Watt’s Successor Might…

The new game in town is figuring out who will succeed Mel Watt as director of the Federal Housing Finance Agency...


February 9, 2018 - IMFnews

PennyMac Financial Posts a $123.9 Million Profit in 4Q, Originations Down by 10.0 Percent; Lender Set to Launch New Products

PennyMac originated $17.04 billion of home mortgages in the fourth quarter, largely through the correspondent channel


February 8, 2018 - IMFnews

Freedom Mortgage Buys $25 Billion of Servicing Rights from Stearns Lending

In the summer of 2015, The Blackstone Group bought a controlling interest in Stearns.


February 8, 2018 - IMFnews

Ginnie Mae Lays Down Law on VA Churning, Warns Select Group of Issuers They Face Banishment

Issuers cited by Ginnie Mae are expected to deliver a corrective action plan...


February 7, 2018 - IMFnews

MBA Chairman Motley Hopeful that HUD Will Act Soon on FHA Clarifications

The trade group chief said uncertainty still exists around FHA loan level certifications…


February 7, 2018 - IMFnews

Mortgage Servicers Worry about Bankruptcy Provisions in CFPB Rule

As of April 2018, mortgage servicers will have to send monthly billing statements to consumers in active bankruptcy cases…


February 6, 2018 - IMFnews

Short Takes: What Stock Market Correction? / Bond Prices? / Fretting Over Fannie-Freddie Common / The GSE Message from Jeb and Steve / BlackRock Likes Genworth / New Penn Gets a New President / FSR Chief Pawlenty Departs

The price of Fannie Mae and Freddie Mac common is getting smacked around...


February 6, 2018 - IMFnews

TIAA Preps Jumbo MBS with Loans Originated by Unit Formerly Known as EverBank

In recent years, only two other banks have issued jumbo MBS: JPMorgan Chase and Flagstar...


February 6, 2018 - IMFnews

Chairman of House Financial Services Subcommittee Pondering GSE Reform

MBA’s Dave Stevens worries about what might happen to the mortgage market under a Trump-appointed FHFA director…


February 6, 2018 - IMFnews

Mortgage Profits at Depositories Tumbled 29 Percent in 2017

Many lenders cited increased competition in a declining market for the weaker results…


February 5, 2018 - IMFnews

Short Takes: Ginnie is Good, but is it That Good? / Brunts Bolts Freddie for USB / Moody’s Downgrades New Rez, Citing Reliance on Subs / The Wild Ride of the 10-Year Treasury / New Mortgage Chief at SunTrust

On Friday, Moody’s downgraded the issuer rating of New Residential Investment Corporation...


February 2, 2018 - IMFnews

What We’re Hearing: Interest Rate Armageddon? / Sucking Pond Water? / Tony Renzi’s February Surprise / A Raise for Ginnie Mae Staffers / Investors Unite Weighs in on the Corker Bill (Not Happy) / Mnuchin’s GSE Plan

Investors Unite is not happy...


February 2, 2018 - IMFnews

Walter’s $5 Million CEO Tony Renzi to Depart. No Successor Named

Among servicers, Ditech ranked 11th at Dec. 31, according to figures compiled by Inside Mortgage Finance.


February 2, 2018 - IMFnews

CFPB Consolidates and Restructures Fair Lending Enforcement Apparatus

CFPB Senior Advisor John Czwartacki said: “The bureau’s statutory mandate includes the supervision and enforcement of fair lending laws and regulations … the bureau will continue to perform those functions.”


February 2, 2018 - IMFnews

Ginnie Issues Warning to Servicers, Some Could be Terminated for High Delinquencies

New agency guidance makes clear that issuers are expected to make an ongoing investment in servicing capability…


February 1, 2018 - IMFnews

Walter’s $5 Million CEO Tony Renzi to Depart. No Successor Named

Among residential servicers, Ditech ranked 11th at yearend, according to figures compiled by Inside Mortgage Finance.


February 1, 2018 - IMFnews

Short Takes: Mortgage Trouble at SoFi / Thin Margins / Ex-Fannie Mae Worker Indicted / Mortgage M&A in New England / A New Hire for Bay Equity Home Loans

One executive familiar with SoFi’s residential business said the company is operating on razor thin profit margins…


February 1, 2018 - IMFnews

Nonbanks Reach Another MSR Milestone: A 43 Percent Market Share Among the Top 50

The $3.42 trillion of servicing held by nonbanks was up 20.7 percent from December 2016…


January 31, 2018 - IMFnews

PHH CEO Robert Crowl Gets a New Contract, Could Earn $2 Million-Plus This Year

Over the past two years, PHH has sold off large chunks of its MSR portfolio, while remaining as the subservicer of record…


January 31, 2018 - IMFnews

FHA Issues Disaster-Related Waiver for Early-Payment Default Reviews

Due to the string of natural disasters, FHA anticipates an increase in EPDs…


January 30, 2018 - IMFnews

GSE Reform Draft (#29) Lays Out a New Mortgage Market with a Federal Guarantee but Private Capital; FHFA and Ginnie in Charge; Treasury Can’t Sell GSE Stock

Treasury would be barred from selling or disposing of “any senior preferred shares, any interest in the warrants, any common shares acquired upon the exercise of the warrants, or any other equity interest that were acquired pursuant to the Senior Preferred Stock Purchase Agreement.”


January 30, 2018 - IMFnews

Short Takes: Mnuchin Says Treasury Remains Committed to GSE Reform / The 30-Year FRM Must Survive / More Private Capital, Yes / Thomas Marano’s New Problem to Solve: Walter / After 25 Years, Exec Bolts PHH for Home Point

Mnuchin said the 30-year FRM cannot survive without Fannie and Freddie...


January 30, 2018 - IMFnews

Investors in Walter Get a Sweet Deal: a 9 Percent Note Rate

According to a new SEC filing, the unsecured notes previously matured in 2021 and carried a yield of 7.88 percent.


January 30, 2018 - IMFnews

Dever, Iannicola Latest Additions to Short List for CFPB Director. Or Maybe Jerry Buckley?

“Jerry Buckley would fit the bill perfectly,” said one industry lobbyist...


January 29, 2018 - IMFnews

PIMCO in the Throes of Restructuring FGMC, Installs New President

One advisor familiar with the situation called the hiring of Samples and a recent batch of layoffs at FGMC, “a clean sweep of the corporate suite.”


January 29, 2018 - IMFnews

Ginnie Keeping a Close Eye on How Much Risk is Acceptable

Ginnie may require offenders to recalibrate their high-risk portfolio to more acceptable risk levels…


January 26, 2018 - IMFnews

What We’re Hearing: When the GSE Status Quo Ends / Burn This / Peter Wallison for FHFA Director? / Painful Memories at MGIC (The First Cut is the Deepest) / A Spot Check on Mortgage Applications / A Promotion at WFG National Title

As for the FHFA position, several trade group chiefs fear that once Watt departs, the FHFA will be put in the hands of a Mick Mulvaney-type...


January 26, 2018 - IMFnews

PE Firms and REITs Show Interest in Financing Mortgage Servicing Rights

The law firm helped a number of companies structure MSR financing transactions last year.


January 25, 2018 - IMFnews

Short Takes: You Cannot be a Guarantor and a Lender / Trade Groups on the Same GSE Page / NY Lender Opens New Office in NJ / A Strong Profit for Old Republic / DocMagic Reaches a Milestone

The Community Mortgage Lenders of America is also against the concept of guarantors being lenders or having lending affiliates.


January 25, 2018 - IMFnews

MBA’s Prediction on GSE Reform: the Legislation will do ‘No Harm’ to Fannie and Freddie

In a statement issued to Inside Mortgage Finance, Sen. Mark Warner, D-VA – a key player in the process – said he is still interested in the topic, noting the panel wants a...


January 24, 2018 - IMFnews

Short Takes: What if a ‘Conservative’ Ran the FHFA? / Maybe GSE Loan Limits Should be Lowered / Erbey Selling Ocwen Shares / The New Fed Chief and MBS Sales / English Update / A Chalupa with that MI Policy?

Selling shares in Ocwen Financial: Bill Erbey...


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None. We’re staying right where we are, for now.
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