Servicing

Browse articles from IMFnews related to Servicing.

January 18, 2019 - IMFnews

What We’re Hearing: GAO Worries About Fannie & Freddie / The Return of Jeb Hensarling / Top-Ranked Nonbank Enters the HELOC Market / Quicken Courts the Refi Market / Eddy Perez to Head MORPAC / Take Our Salary Survey

The title of the new GAO report says it all: The Prolonged Conservatorships of Fannie Mae and Freddie Mac...


January 18, 2019 - IMFnews

Megabanks’ Originations Weak, MSR Values an Issue

Publicly traded nonbank giants, including PennyMac and Mr. Cooper, have yet to report results, but there’s nothing to suggest these shops will fare much better…


January 17, 2019 - IMFnews

Mortgage Employment Falls to 10-Month Low

Conventional lenders will have a tougher time of it this year...


January 17, 2019 - IMFnews

Short Takes: A Landmark Non-QM MBS from Angel Oak / Better Mortgage Sees Furloughed Government Workers and Comes Up with a Product to Serve Them / Retail Declines at BB&T / Seterus Hands Out Pink Slips to 300 / MGIC’s Results / MBA Promotes Knowlton

The Seterus platform will cut 300 full-time workers in the Durham area. The unit is being sold to Mr. Cooper...


January 17, 2019 - IMFnews

Ditech Gets a Breather from Its Note Holders (For Now); COO Terminated

Ditech also terminated the employment of Chief Operating Officer Ritesh Chaturbedi.


January 17, 2019 - IMFnews

Nonbanks Significantly Increase Agency Servicing Market Share

Eighth-ranked Mr. Cooper also had huge quarter in MSR growth…


January 16, 2019 - IMFnews

Short Takes: Mr. Cooper Cuts Jobs in California / Blackstone’s Finance of America Unit Will Close Roseville Office / loanDepot Courting Wells Fargo LOs? / Freshman Socialist Will Sit on the HFSC / A New Hire for Nations Lending

Socialist Rep. Alexandria Ocasio-Cortez, D-NY, will sit on the House Financial Services Committee, which oversees banking, mortgages, as well as Fannie Mae and Freddie Mac.


January 16, 2019 - IMFnews

Ginnie Mae Postpones Annual Summit, Citing Government Shutdown

Scheduled speakers included Housing and Urban Development Secretary Ben Carson, Kasper and Edward DeMarco, former acting Director of the Federal Housing Finance Agency.


January 16, 2019 - IMFnews

Residential Lending Declines for Both BofA and U.S. Bank

A top ten lender, U.S. Bank produced $9.1 billion of mortgages in 4Q18, a 19.1 sequential decline...


January 15, 2019 - IMFnews

Short Takes: Worrying About What Mark Calabria Might Do / Ever Seated? / A Price War Brewing in Non-QM? / Tim Anderson’s Blockchain Job / Freddie Gets a New General Counsel

We understand a bit of a price war may be brewing in the non-QM market...


January 15, 2019 - IMFnews

Consumer Complaints Up 3.8 Percent in 2018. Mortgage Gripes Tank

Companies with the most gripes filed against them were the three major credit reporting bureaus: Equifax, Experian and TransUnion...


January 15, 2019 - IMFnews

First Republic Bucks the Trend and Increases Mortgage Originations

Jumbo mortgages account for the vast majority of First Republic’s single-family production.


January 15, 2019 - IMFnews

Residential Production Down by Almost 24 Percent at No. 2-Ranked JPMorgan Chase

JPM valued its MSR portfolio at 117 basis points at the end of the fourth quarter, reducing the mark from 122 bps in 3Q18...


January 15, 2019 - IMFnews

Residential Production Falls 17 Percent at Wells Fargo, Mortgage Profits Plunge

Management blamed the lower figures on “seasonality.”


January 14, 2019 - IMFnews

Citigroup Sees Retail Residential Production Drop by Almost 15 Percent

Compared to the same period a year earlier, retail loan production fell by 23.3 percent at Citigroup...


January 11, 2019 - IMFnews

What We're Hearing: The Otting Era Commences / Waiting on the Senate (It Didn’t Work for Michael Bright) / 11 Days In and All Shook Up / HFSC Chair Worries about Furloughed Workers and Delinquencies / Keep an Eye on Jan. 15 / The Milken Institute Weighs in on ‘Administrative’ Reform of the GSEs

We’re just 11 days into the new year and already things are getting interesting in the mortgage industry...


January 11, 2019 - IMFnews

Lenders Not Liable for a Servicer’s RESPA Violation

Under RESPA, servicers are generally required to consider borrowers for loss mitigation if the servicer receives a loss mitigation application at least 37 days before a scheduled foreclosure sale.


January 11, 2019 - IMFnews

CFPB Report Raises Questions about Non-QMs, DTIs, Servicing and More

The CFPB determined the ATR rule has reduced lending to some extent to borrowers with high debt-to-income ratios…


January 10, 2019 - IMFnews

Short Takes: Who Is Maren Kasper? / Not Shy / Headed to the White House? / GSE ‘Recap and Release’ Just Got Knee-Capped / IMA Offers Bulk MSR Package

With Michael Bright's departure, GSE "recap and release" just got hurt...


January 10, 2019 - IMFnews

Acting Ginnie Mae President Michael Bright Bolts Agency for SFIG

Bright will earn significantly more working for SFIG than at Ginnie, easily doubling his salary and then some...


January 9, 2019 - IMFnews

FHA Tells Servicers to be Lenient Toward Furloughed Federal Workers and Contractors

The FHA handbook states that servicers can receive a “financial incentive” for offering forbearance...


January 9, 2019 - IMFnews

Servicing Sales to Boom in Early 2019, IMBs Need Cash

“The only way to get through that is to sell assets – and for many of them that means mortgage servicing rights,” Steve Harris of MIAC told Inside Mortgage Finance.


January 8, 2019 - IMFnews

Short Takes: $249 Million in Mortgage Payments at Risk? / Will Trump Order Fannie and Freddie to Stand Down? / Assessing Mark Calabria / Lovell Buys ATTOM / LoanLogics Hires Mortgage Tech Vet

Overwhelmingly, industry analysts expect Mark Calabria to shake things up at the Federal Housing Finance Agency – that is, once he’s approved by the full Senate.


January 8, 2019 - IMFnews

BB&T Quietly Cuts Mortgage Staff Including Correspondent Manager

The RIFs at BB&T started in December and more are expected...


January 4, 2019 - IMFnews

Mr. Cooper to Take Control of IBM’s Seterus. Fannie a Big Client

Market sources said Seterus struggled to find new servicing clients to replace its dwindling contracts with Fannie Mae.


January 3, 2019 - IMFnews

Mr. Cooper to Take Control of IBM’s Seterus. Fannie a Big Client

Market sources said Seterus struggled to find new servicing clients to replace its dwindling contracts with Fannie Mae.


January 3, 2019 - IMFnews

Short Takes: The First Mortgage M&A Deal of the Year? / Mnuchin is Aware of the IRS Tax Transcript Problem / Will Government Workers Miss a Mortgage Payment? / Happy New Year from President Trump: Your Pay is Frozen / Tom Selleck Keeps Pitching HECMs / Celink Settles DOJ/FCA Claims

Celink, a servicer of reverse mortgages, has agreed to pay the federal government $4.25 million for violating the False Claims Act...


January 3, 2019 - IMFnews

MIAC Closes $8 Billion MSR Sale. Several Auctions in the Works

Several brokerage firms are working on MSR transactions…


January 3, 2019 - IMFnews

Stratmor Sees a Strong Year for Mortgage M&A. However…

However, Steve Harris, president of MIAC Capital Markets, said he sees a weak market when it comes to “franchise” deals.


January 2, 2019 - IMFnews

Short Takes: A Government Shutdown-Related Reminder from Fannie Mae / A Fundraising Record for MBA’s MORPAC / Rising Worries, Falling Rates / Nervous / AI Gets a New (Annual) President

At press time, the yield on the benchmark 10-year Treasury was at 2.67 percent, the lowest reading in almost 12 months…


January 2, 2019 - IMFnews

PennyMac Financial Cuts New Employment Deals with Top Officers

Kurland was given an annual base salary of $900,000 from Jan. 1 of this year until Dec. 31, plus cash and equity incentives.


December 28, 2018 - IMFnews

Surprise: Production-Related Activity Saw Profit Boost in 3Q18

However, servicing income was down substantially…


December 27, 2018 - IMFnews

Short Takes: Wells Fargo Executive Takes a Job with UCM / The NAR is Not Happy with FEMA / No Word From Peter Bell and NRMLA / Fannie Mae Director Haywood Moves On / Trouble in the Sandbox

The National Association of Realtors is none too happy with FEMA's actions during the government shutdown...


December 27, 2018 - IMFnews

Lion Point Capital Declares 50 Percent Stake in Ditech

The investment banking firm Houlihan Lokey has been fielding offers for Ditech…


December 26, 2018 - IMFnews

Dems Select Rep. Waters as the First Woman Chair of the HFSC, Mulvaney Put on Notice

Rep. Waters to Mick Mulvaney: “I am writing to inform you that while your time running the Consumer Bureau may be over, the time for accountability for your actions is about to begin.”


December 21, 2018 - IMFnews

What We’re Hearing: The Senate Waiting Game and Mark Calabria / What Might Mnuchin Come Up With? / Otting and Mnuchin and One West / Angelo Mozilo Makes it Rain Once More / MorVest’s MSR Auction / George Bailey Lives (A VA Story) / A Short Publishing Break

The news of Otting’s appointment and what might transpire afterwards did nothing to boost the share price of Fannie and Freddie common...


December 21, 2018 - IMFnews

As Expected, OCC Chief Otting Tapped by White House to be Interim FHFA Director

Joseph Otting will be joining the Trump administration's "two-hat" club...


December 21, 2018 - IMFnews

Have Yourself a Merry Little … Okay Maybe Not in 2019. Lenders Feeling Anxious These Days

The profit margin outlook has declined for nine consecutive quarters…


December 20, 2018 - IMFnews

Kraninger Kicks the BCFP Name to the Curb, Though Not Entirely

Kathy Kraninger: “In other words, we have a legal name but will be using our colloquial name and the branded acronym ‘CFPB.’”


December 20, 2018 - IMFnews

Mortgage Debt Outstanding Approaching Pre-Crash High Set Back in March 2008

Banks, savings institutions and credit unions held a combined $3.005 trillion of unsecuritized single-family mortgages in portfolio as of Sept. 30…


December 19, 2018 - IMFnews

Short Takes: Do GSE Servicers Need to Worry About Liquidity? / MF Cap Set at $35 Billion / New American Buys Minnesota Lender / Humble Beginnings / Kraninger Will Keep the CFPB Name / BoNY Mellon to Enter Non-Agency Market as Master Servicer

Liquidity means access to cash – and is a chief concern of Ginnie Mae acting president Michael Bright as well…


December 19, 2018 - IMFnews

PRMI President and CEO Dave Zitting to Depart After Selling His Stake in the Lender

Founded 20 years ago, PRMI is a retail-only lender that funded $3.7 billion through the first nine months of 2018…


December 19, 2018 - IMFnews

Adverse Ruling in Closely Watched Case Could Increase Servicer Liability

The Tenth Circuit found the FDCPA’s plain language to be controlling…


December 19, 2018 - IMFnews

Ditech Decides Not to Make Scheduled Debt Payment. Meaning?

Ditech's shares now trade for just six cents apiece...


December 18, 2018 - IMFnews

Short Takes: Freddie Mac’s New CEO? / Jeb’s Last Stand? Maybe Not / A ‘Comical’ Situation / A Low Grade for Hensarling? / Fannie’s New Chairman

As one veteran industry lobbyist explained with a hint of ire: “You’re telling me that a bunch of lame duck Congressmen who lost an election are going to show up on the Friday before Christmas?”


December 18, 2018 - IMFnews

Speculation Centers on Clinton Jones for FHA Commissioner

Clinton Jones has worked for the HFSC since February 2013. From 2007 to 2008 he was a registered lobbyist for Fannie Mae.


December 18, 2018 - IMFnews

SRPs Remain High. MSR Interest Strong but Declining Rates Begin to Weigh

One advisor said he knows of three bulk transactions that are stalled: one sized at $7.0 billion, another at $16.0 billion, and one more at $24.5 billion.


December 17, 2018 - IMFnews

Deputy HUD Secretary Pam Patenaude Quits After 15 Months on the Job

She brought a certain depth of knowledge to the table for her boss, Ben Carson, a career brain surgeon with little in the way of housing and mortgage experience.


December 13, 2018 - IMFnews

Short Takes: Headed Into Receivership: Fannie and Freddie? / Politically Pragmatic / No Life in the Common / Coming Soon: A Platform Closure at Ocwen / A New 52-Week Low

Federal Financial Analytics calculates the trigger will be pulled by mid-2019.


December 13, 2018 - IMFnews

‘Small’ Mortgage M&A Deals are Getting Done, Larger Ones Remain Elusive

Mark Stafford, a principal in MS Capital Advisors, New York, said larger firms are content to stay the course…


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