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Volume 2014 - Number 47

December 11, 2014

Treasury Calls for Servicing Reforms Beyond Capital Requirements, Including Changes to Compensation

The migration of mortgage servicing rights from “more tightly to less tightly regulated parts of the financial system” should be addressed by regulators, according to the Treasury Department’s Office of Financial Research. The OFR, which was created by the Dodd-Frank Act to serve the Financial Stability Oversight Council, said Basel capital requirements have created incentives for banks to sell MSRs to nonbanks. In its annual report, the OFR cautioned that nonbanks aren’t as well regulated as banks. “Mortgage servicing activity and the accompanying risks appear...

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With originations expected to drop in 2018, will your shop turn to non-QM/non-prime mortgage products as a way to bolster volumes?

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Not now. But things could change as 2018 progresses.

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