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Inside Mortgage Trends

March 21, 2014

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Servicing Values Rose Sharply in 4Q13, But Banks Continued Shedding MSRs

Commercial banks and savings institutions increasingly saw more value in their mortgage servicing rights as 2013 came to a close, but they showed little interest in trying to get more. Banks and thrifts serviced $4.641 trillion of mortgage loans for other investors as of the end of 2013, according to an Inside Mortgage Trends analysis of call-report data. That was down 13.2 percent from the end of 2012, including a 2.7 percent drop in the fourth quarter ... [Includes one data chart] Read More

CFPB Enforcement Reveals an Aggressive Cop

With nearly three dozen enforcement actions under the Consumer Financial Protection Bureau’s belt during its three years of existence, the bureau has shown itself to be willing and able to play hardball with lenders. “The first 35 cases show that the CFPB will be an aggressive enforcer, which is what its backers wanted and expected,” said K&L Gates partner Jon Eisenberg, who recently did an extensive analysis of the cases. “It has the luxury of relying on statutes that employ extraordinarily ... Read More

Stream of NPL Auctions Is on the Horizon

The long-awaited auction of nonperforming mortgages by HSBC USA appears to be underway, though the bank isn’t providing much guidance on the dollar volume of loans it intends to sell this year. In early March, HSBC held a private auction of roughly $1.2 billion of NPLs, according to investors briefed on the sale. “Only a select group of buyers was invited to participate,” said one source. Rumored bidders include Goldman Sachs and Credit Suisse, among others. A spokeswoman for HSBC ... Read More

Homebuyers Having Problems with Short Sales

The average time on market for short sales has increased significantly in the past year, according to the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey. The problems appear to be due to approvals from sellers as well as lenders’ concerns about financing such purchases. Short sales completed in February were on the market for 17 weeks, based on a three-month moving average. That’s a 30.8 percent increase from the average time on market for short sales ... Read More

New MI Master Policies Fall Short

New master policies announced recently by the Federal Housing Finance Agency for private mortgage insurers may not provide the touted improvements or additional clarity, warned attorneys with Reed Smith’s Insurance Recovery Group. The revised MI master policy requirements are designed to ensure consistent and reliable MI coverage for greater operational efficiency and transparency in the mortgage market. They are supposed to improve and clarify the various rights and ... Read More

Mortgage Buybacks Surged in Late 2013

Mortgage lenders repurchased $3.05 billion of home loans from Fannie Mae and Freddie Mac during the fourth quarter of 2013, a 91.0 percent increase from the previous quarter, according to a new Inside Mortgage Trends analysis of repurchase disclosures. As “securitizers,” the two government-sponsored enterprises are required to file repurchase activity reports with the Securities and Exchange Commission. Fannie and Freddie have ... [Includes one data chart] Read More

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