Mortgage Servicers

Browse articles from all of our Newsletters related to Mortgage Servicers.

December 12, 2018 - IMFnews

Short Takes: loanDepot Loses its Product Chief / Bill Dallas and Cloudvirga / Kudos on the Calabria Pick from HFSC Chairman Hensarling / A Candidate Himself Once? / A New Hire for Vendor Valuation Partners

Cloudvirga, at one time, was headed by industry veteran Bill Dallas...


December 12, 2018 - IMFnews

Pick of GSE Critic Mark Calabria Will Mark a New Era at the FHFA

Tom Piercy of Incenter Mortgage Advisors: “Calabria is not an advocate for our industry – but he is also being appointed by the president, who does not want housing to falter between now and 2020.”


December 11, 2018 - IMFnews

One GSE Shareholder Speaks Up: Calabria Will be Constrained in His Mission to Dissolve Fannie and Freddie

James Fenkner says Calabria will be “constrained in his mission to dissolve Fannie and Freddie.”


December 11, 2018 - IMFnews

Subservicing Sector Continues to Grow at a Steady Clip as States Act as ‘Mini-CFPBs’

Gordon Albrecht of FCI said he’s not surprised the subservicing sector is doing well “because of all the states that keep adding regulations.”


December 10, 2018 - IMFnews

Short Takes: Hope in Cash-Out Refis / loanDepot’s Refi Stats / Position Filled / Chicago-Area Lender Gets Fannie Mae Approvals / More on Calabria and the FHFA Job / Mulvaney, Mnuchin Up for the Chief of Staff Job? / Waterstone Hires Rocky (Rockwell)

Fannie Mae has approved Neighborhood Loans, Lombard, IL, as a new seller/servicer...


December 10, 2018 - IMFnews

Banks Gain on ‘Servicing for Others,’ MSR Valuations Rise

At Sept. 30, banks and thrifts serviced $3.627 trillion of residential mortgages for others…


December 7, 2018 - Inside Mortgage Trends

Bank Servicing for Others Changes Tack with 3Q18 Gain, Valuations Rise Again

The outstanding volume of mortgages serviced for other investors by banks and thrifts has been falling almost constantly in the aftermath of the financial crisis, but the third quarter of 2018 saw a relatively rare increase. Banks and thrifts serviced $3.627 trillion of residential mortgages for other investors – typically mortgage-backed securities trusts – at the end of September, according to a new Inside Mortgage Trends analysis of call-report data ... [Includes one data chart]


December 7, 2018 - IMFnews

What We’re Hearing: Mark Calabria to Head the FHFA (Looks That Way) / Can Mulvaney Fix the U.S. Debt Problem? / Keeping the Debt Clock at the HFSC? / Kraninger Yes, Michael Bright No / Nomura and Ditech (More) / CMG Mortgage Hires Regency Executive / Home Point Goes All-TPO / The Midwest Mortgage Mecca

If Michael Bright is not confirmed in the current Congress, President Trump will have to re-nominate him...


December 7, 2018 - IMFnews

Lenders Face Uncertainty After Supreme Court Refuses Case

Bank of America, the nation’s fourth largest mortgage servicer, appealed the case to the Supreme Court…


December 7, 2018 - IMFnews

How to Shrink the GSE Footprint Without Having to Ask Congress To Do Anything

Want to shrink Fannie and Freddie? Cut investor loans, then move on to cash-out refis…


December 6, 2018 - IMFnews

Short Takes: Stock Market Ugly / Bring on the Cash-out Refis? / GSE Stocks Can’t Catch a Break / Carrington Readies First Non-QM MBS / New Penn Unveils New Name: NewRez

Carrington Mortgage is working on its first non-QM securitization...


December 6, 2018 - Inside Mortgage Finance

Subservicing Sector Continues to Grow at a Steady Clip as States Act as ‘Mini-CFPBs’

Subservicing vendors ended the third quarter of 2018 with $2.33 trillion of contracts on their books, up 4.5 percent from June and 12.0 percent higher than a year ago, according to a new Inside Mortgage Finance ranking. [Includes one data chart.]


December 6, 2018 - Inside Mortgage Finance

Mortgage Market at a Glance, December 7, 2018

Weekly mortgage rates and application survey data.


December 6, 2018 - IMFnews

Its Share Pricing Sinking, Ocwen Issues Update, Says it Will Enter TPO Market, Acquire Servicing Rights

Ocwen, which paid $360 million in cash for PHH, also disclosed: “The purchase price we negotiated contemplated PHH could continue to incur losses.”


December 6, 2018 - IMFnews

Kathy Kraninger is About to Head the CFPB, but Who is She?

Observers note that CFPB nominee Kraninger has no track record in financial services…


December 5, 2018 - IMFnews

Short Takes: What’s in a Name? Answer: $300 Million / Come On, Mick! We Thought You Were Pro-Business! / $300 Million? At Least Software Firms Will Make Out / Home Flips Headed for a Fall? / Who’s Doing Your Underwriting? / Law Firm Overcharges Fannie and Pays for It

Mulvaney has a reputation of being pro-business. Is it possible he might turn the name-change ship around to save American companies $300 million?


December 5, 2018 - IMFnews

HFSC Hearing on GSE Bill Postponed. Time is Running out for Chairman Hensarling…

Some industry lobbyists believe the Senate Banking Committee hearing on GSE pilot programs will not be held this year at all.


December 5, 2018 - IMFnews

Jumbo Servicing Portfolios Largely Increasing

Shellpoint Mortgage Servicing had the highest sequential growth rate among jumbo servicers…


December 5, 2018 - IMFnews

The Mortgage M&A Tsunami May be Late This Time Around

In past downturns, large lenders and servicers were either sold outright or they joined forces with like-sized companies…


December 4, 2018 - IMFnews

Short Takes: Nomura and Ditech? / Ocwen Sets a New Low / Fannie, Freddie and NPL Sales / Citadel’s Growth in Nonprime Servicing / A New Hire for Mortgage Network

Fannie Mae and Freddie Mac continue to sell NPLs but for how long?


December 4, 2018 - IMFnews

Senate Dem Report Accuses Mulvaney of Cherry Picking the Law to Promote an ‘Ideological Agenda’

The report says that while running the agency, Mulvaney has “cherry-picked the law to promote his ideological agenda.”


December 3, 2018 - IMFnews

Short Takes: The Hearing That Keeps Getting Postponed: GSE Pilot Programs / Remembering the Financial Accomplishments of President George H.W. Bush / Too Many Servicing Workers? / Mortgage Layoffs at SoFi / Vantage Score Hires Former Fannie Executive

Under the watch of President George H.W. Bush, S&Ls were re-regulated and given a core housing mission.


November 30, 2018 - Inside Nonconforming Markets

Citadel Boosts Portfolio; Ocwen Eyeing Growth

Among the top 15 servicers of subprime mortgages, only one grew its portfolio over the 12 months prior to the end of September, according to a new ranking and analysis by Inside Nonconforming Markets. The increase was posted by Citadel Servicing Corp., which is boosting its portfolio with originations of nonprime mortgages. Citadel handled a subprime portfolio with an unpaid principal balance of $1.80 billion as of September-end. The portfolio grew ... [Includes one data chart]


November 30, 2018 - Inside Nonconforming Markets

Jumbo Servicing Portfolios Largely Increasing

Most major servicers of jumbo mortgages increased their portfolios in the third quarter, according to a new ranking and analysis by Inside Nonconforming Markets. Combined, 30 servicers handled an estimated $1.06 trillion of jumbo mortgages as of the end of September, up 2.7 percent sequentially and 10.7 percent from a year ago. Only four of the servicers posted lower jumbo portfolios on an annual basis, and one of the firms, Ocwen Financial, is under ... [Includes one data chart]


November 30, 2018 - IMFnews

Seasonality and Higher Rates Spell Layoffs for Many

Mortgage recruiter Rick Glass: "Expenses are simply out of alignment. Many shops are telling me they have no more room."


November 30, 2018 - IMFnews

Mortgage Servicers in the Crosshairs of the CFPB?

“We’ve seen a number of new CIDs issued by the CFPB,” said Ben Olson, a partner at Buckley Sandler.


November 29, 2018 - Inside Mortgage Finance

Mortgage Market at a Glance, November 30, 2018

Weekly mortgage rates and application survey data.


November 29, 2018 - IMFnews

MBA: Origination Profits Down 48.3 Percent from a Year Ago

Lenders and their warehouse providers have been openly worrying about thinning profit margins for several quarters now with liquidity a primary concern.


November 28, 2018 - IMFnews

Guaranteed Rate Buys Assets of Two Hawaii MBs. Details are Sketchy

The Chicago-based GR has been making loans in Hawaii since 2015…


November 28, 2018 - IMFnews

Newly Elected Democrat AGs Likely to Increase Enforcement

“With the turmoil at the CFPB, states are feeling that they have to fill the void,” said Daniel Suvor, counsel at O’Melveny & Myers…


November 27, 2018 - IMFnews

Banks Report Sharp Drop in Mortgage Banking Income for 3Q18

Through the first nine months of the year, mortgage banking income was up 20.9 percent from the same period in 2017.


November 26, 2018 - IMFnews

Short Takes: Steven Mnuchin Packing His Bags? / Probably Not / The Key to Administrative Reform of the GSEs: The Next FHFA Director / According to the AEI / A Promotion at Ocwen Financial

Cowen believes Mnuchin will survive the turbulence but notes the situation still poses a risk to Fannie Mae, Freddie Mac and the big banks…


November 26, 2018 - IMFnews

Ocwen Hires Former Fannie Mae Securitization Chief to Head Lending Business

According to a statement issued by Ocwen, while at Fannie Yanoti was responsible for developing the common securitization platform.


November 21, 2018 - Inside Mortgage Trends

Mortgage Holders Set for Forbearance Recoveries

The rise in home prices is boosting the payouts mortgage holders will see from loans that included principal forbearance as part of a modification. According to an analysis by Fitch Ratings, the current overall recovery rate for outstanding forbearance amounts on loans in non-agency mortgage-backed securities is estimated at 19.0 percent. Principal forbearance, or principal deferral, has been one of the most common loan modification tactics in the years after the financial crisis. It allows a ...


November 21, 2018 - Inside Mortgage Trends

Crowdfunding for Loss Mitigation

A Chicago-based specialty mortgage servicer is combining crowdsource funding and loss mitigation to help homeowners facing foreclosure keep their homes while at the same time encouraging investors to be socially responsible. AHP Servicing recently announced a $50 million offering under Regulation A of the federal Jumpstart Our Business Startups Act, to help distressed homeowners avoid foreclosure. Reg A is one of several exemptions under the JOBS Act that excludes firms from ...


November 23, 2018 - Inside The GSEs

New GSE Servicer Guidelines for Short Sales and Deeds-in-Lieu

At the direction of the Federal Housing Finance Agency, Fannie Mae and Freddie Mac have simplified policies on short sales and deed-in-lieu of foreclosures. The new policies are intended to mitigate losses for the government-sponsored enterprises and servicers by spelling out when servicers can consider borrowers for these actions and what documentation is necessary.


November 22, 2018 - Inside Mortgage Finance

Mortgage Market at a Glance, November 23, 2018

Weekly mortgage rates and application survey data.


November 23, 2018 - Inside MBS & ABS

Higher Interest Rates Eliminate Some Loan Mod Options; Servicers Face LIBOR Uncertainty

Servicers working with distressed borrowers now have fewer loan modification options due to higher mortgage interest rates.


November 20, 2018 - IMFnews

Short Takes: A New 52-Week Low for Ocwen / John Britti’s Stock Awards / The Dow Swoons, Rates Fall / Freddie’s ACIS Deal / Ed Pinto Weighs in on GSE Capital / Merry Christmas, Buy a House (The Day After) / UWM Still #1 in Wholesale

Ed Pinto wants a 4.0 percent capital ratio for Fannie Mae and Freddie Mac...


November 20, 2018 - IMFnews

Largest Holders of MSRs Leave the Asset Values Unchanged

The largest gain among the 14 companies was 3.6 percent, the largest decline -5.6 percent.


November 20, 2018 - IMFnews

As Mortgage M&A Heats Up, Panorama Partners Ready to Pounce

Panorama is not new to the mortgage business. In July 2016, the Omaha-based PE firm unveiled a “significant” investment in Alterra Home Loans…


November 19, 2018 - IMFnews

Short Takes: Rates, Rates, Rates / When the Big Stock Swoon Comes / Checking In on Ditech / Mill City’s Non-Agency MBS / Illinois Branch Manager Accused of Fraud / MCT Hires Lenders One Manager

Rates were in a decline Monday morning...


November 19, 2018 - IMFnews

MIAC Hits the Market with a $7B MSR Package

Loans in the pool have an average age of 24 months.


November 19, 2018 - IMFnews

FHA Seeks to Strengthen MRB Authority

While the goal of a stronger MRB is not new, it has taken on a new urgency in discussions between HUD and DOJ...


November 16, 2018 - Inside FHA/VA Lending

VA Clarifies Impact of Claims Payment on Vets’ Entitlement

The Department of Veterans Affairs has issued guidance clarifying the effect of guaranteed claim payments on a veteran’s home-loan entitlement. According to the guidance, a veteran loses a part or all of his VA home-loan benefit when the agency pays a claim on a loan terminated by a foreclosure, short sale or deed-in-lieu of foreclosure. For VA loans originated on or after Jan. 1, 1990, the VA will no longer establish debts against veterans after it pays a claim to reimburse a servicer for its loss. Reimbursement could be up to the maximum guaranty amount. On the other hand, the agency may establish a debt against the veteran and pursue collection if the loan was originated prior to Jan. 1, 1990. If the veteran wants to reuse the VA home-loan benefit, he or she must fully reimburse VA for its losses in order to restore full entitlement. The loss only affects the veteran’s entitlement under the VA Home Loan guaranty program and ...


November 16, 2018 - Inside FHA/VA Lending

HUD Announces Sale of Multiple Residential Nonperforming Pools

The Department of Housing and Urban Development will auction approximately $230 million worth of multiple residential reverse-mortgage pools to qualified bidders next month. An estimated 1,150 due and payable reverse mortgages will be sold to the highest bidders. The loans are first liens secured by single-family, vacant residential properties, where all borrowers are deceased. No borrower is survived by a non-borrowing spouse. The loans will be sold without FHA insurance and with servicing released. The loans are expected to be offered in regional pools, with qualified nonprofits or units of local government entities as first-priority bidders. They will also bid on up to 10 percent of the loans in a larger regional pool. The open, competitive whole-loan sale will be held on Dec. 12, 2018. Qualified bidders will be required to submit a deposit with their bid. HUD will evaluate each bid and determine the ...


November 16, 2018 - Inside FHA/VA Lending

FHA Plans Headcount in Certain HECM Homes to Protect Spouses

The Department of Housing and Urban Development is planning to conduct an inventory of occupants of homes with a Home Equity Conversion Mortgage loan originated prior to 2014 to help protect non-borrowing spouses from eviction in the event of the HECM borrower’s death. The status of non-borrowing spouses (NBS) remains an issue with HUD relative to HECM books of business predating 2014, when the program did not provide protections to spouses of deceased HECM borrowers, FHA Commissioner Brian Montgomery said during a press briefing this week. Prior to August 2014, only borrowers over the age of 62 could be on the HECM note and on the title of the home. The policy created a problem for non-borrowing spouses, who could face eviction if the older spouse passed away. The HECM borrower’s death is deemed a “maturity event” that renders the loan due and payable. This meant that the ...


November 16, 2018 - Inside FHA/VA Lending

GNMA’s Liquidity Concerns Prompt Demand for Contingency Plans

Increasingly worried about the financial condition of its largest nonbank issuers amid declining market conditions, Ginnie Mae in late October shot off a liquidity letter to 14 companies, asking them to develop contingency plans. The identity of the firms was not revealed to Inside FHA/VA Lending, but it’s no secret which companies rank among the top echelon of issuer/servicers. The five largest nonbank Ginnie MBS servicers as of Sept. 30 are PennyMac Financial Services, Lakeview Loan Servicing, Freedom Mortgage, Quicken Loans and Mr. Cooper. According to the letter, a copy of which was obtained by this publication, Ginnie wants the companies to develop strategies to right-size their operations. One of the agency’s goals is to lay the groundwork for financial stress tests that all issuer/servicers eventually must meet. Ginnie expects to sit down with the executive management teams of the ...


November 16, 2018 - Inside FHA/VA Lending

Ginnie Mae Continues to Tighten Issuer Standards, Accountability

This week, Ginnie Mae issued an all-participants memo dictating new standards for firms seeking to become issuers, including the stipulation that applicants submit to a corporate credit evaluation. Ginnie said the financial exercise will be “similar to those employed by credit rating agencies.” The evaluation will determine whether an applicant is qualified to be an issuer or whether additional criteria should be imposed even if the basic standards are met. Applicants that rely on a subservicer arrangement will be scrutinized even more. The bulletin also notes that, effective immediately, the agency is implementing new notification requirements for MBS issuers engaged in “certain subservicer advance or servicing income agreements, which do not require prior Ginnie Mae approval, but can impact an issuer’s ongoing liquidity position and financial obligations.” While Ginnie currently permits subservicers to advance ...


November 16, 2018 - Inside FHA/VA Lending

FHA Seeks to Strengthen MRB Authority to Ensure Compliance

The FHA is recommending a statutory change to strengthen the Mortgagee Review Board’s authority in lender enforcement. The agency discussed the merits of enhancing MRB’s powers in a 2018 audit report on the health of the Mutual Mortgage Insurance Fund. While the goal of a stronger MRB is not new, it has taken on a new urgency in discussions between the Department of Housing and Urban Development and the Department of Justice regarding the use of the False Claims Act in FHA enforcement. The DOJ and HUD have used the statute to pursue lenders that have inflicted millions of dollars in losses on FHA due to misrepresentation, carelessness and generally sloppy underwriting. Lenders, on the other hand, have complained about the agencies’ indiscriminate use of the FCA against even the slightest technical error. The FCA and its treble-damages provisions have squeezed billions of dollars ...


Poll

With loan volumes declining, does your shop have plans to enter the non-QM lending market in 2019?

Yes, definitely. A solid move forward.
Yes, but only incrementally.
We’re pondering a move into non-QM, but haven’t made up our mind.
No, definitely not. We view it has too risky.

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