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Volume 2016 - Number 25

June 30, 2016

Brexit’s Double-Edged Sword: Rising Refis, Margin Calls and Servicing Write-downs

Thanks to last week’s “Brexit” vote in the U.K. interest rates in the U.S. are tumbling again, reaching new lows for the year. In turn, lenders are celebrating the increased flow of applications while the servicing side of their businesses prepares for the worst. For servicers – especially publicly traded companies – there is a palpable fear of deep mortgage servicing rights markdowns that almost certainly will affect second-quarter results. And the timing couldn’t be worse: the rate drop comes with no room left for recovery. The second quarter has ended. Over the past year, several publicly traded mortgage firms – Ocwen, PHH Corp., Stonegate Mortgage and Walter Investment Management Corp., to name a few – have been...

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The year is almost 75% done. How is mortgage origination volume at your shop?

We will fund about the same as we did in 2016.
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We will fund more than last year – by a lot.
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We will fund less than last year – by a lot.

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