Mortgage Servicers

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

December 12, 2017 - IMFnews

Short Takes: Casey (Crawford) Sacked by Mortgage Regulators in California / The California Wild Fires and Mortgages / MBA Hires Spencer Stuart for CEO Search / Dems File Amicus Brief in CFPB Case

Moral of the story: If you're going to service loans in California, you better have a license...

December 12, 2017 - IMFnews

Jumbo Delinquency Rate Increased in 3Q17, but in Line with Overall Market

Late-payment rates rose due to a number of factors…

December 11, 2017 - IMFnews

Phoenix Capital Auctioning Off Bulk MSR Package

The seller of the MSR package is looking for a final sale date of Jan. 31…

December 11, 2017 - IMFnews

It’s that Time of the Year: Mortgage Layoffs

Still, large cutbacks have not been the norm, at least not yet…

December 11, 2017 - IMFnews

Surprise: The Subprime Delinquency Rate Jumps in 3Q17

The dollar volume of outstanding subprime mortgages continues to decline…

December 8, 2017 - Inside FHA/VA Lending

VA’s National Portfolio Servicer Farms Out Work to Third Party

Vendor Resource Management, which the VA hired in June to service its nationwide mortgage portfolio and real estate-owned assets, has subcontracted a significant portion of the servicing to BSI Financial Services. According to VRM, BSI took over the servicing of the VA’s national portfolio beginning Dec. 1, 2017. VRM retained the REO servicing. VRM was first awarded the servicing contract in 2012, and the company initially subcontracted Ditech Financial to service VA’s larger national portfolio. The contract was later amended to facilitate a pilot whereby a portion of VA properties would be managed under the award. A new 10-year contract was awarded subsequently to VRM, which became effective on July 1, 2017. Based in Irving, TX, BSI Financial is a loan subservicer and a provider of technology and outsourcing services to banks and institutional investors in the ...

December 8, 2017 - Inside FHA/VA Lending

Rural Purchase Loans Up, Denial Rates High for Rural Minorities

Rural home purchase lending rose for the fifth straight year in 2016 although volume remains below pre-recession levels, according to new research by the Housing Assistance Council based on Home Mortgage Disclosure Act data. HAC, a nonprofit organization that supports and tracks affordable housing efforts in rural areas, estimated that 55 percent of the 1.05 million rural home loans originated last year were first-lien purchase mortgages. The increase was substantial compared to 2012 and 2013, when two-thirds of rural originations involved refinance, the group noted. The U.S. Department of Agriculture guaranteed 9 to 12 percent of all rural home purchase loans originated in each of the last three years, the study found. Of the 16.3 million HMDA submissions by covered institutions, an estimated 2.0 million involved funding for homes in rural or small-town communities, researchers found. While mortgage activity ...

December 8, 2017 - Inside Nonconforming Markets

Subprime Delinquency Rate Jumps in 3Q17

Delinquency rates on subprime mortgages increased in the third quarter after showing strong improvement earlier in the year. As of the end of September, the subprime delinquency rate was 18.61 percent, according to Black Knight. The rate increased from 16.80 percent in June. As with overall mortgage performance, hurricanes had an impact on subprime delinquencies. And while delinquencies increased, they’re below the 19.03 percent level at ... [Includes one data chart]

December 8, 2017 - Inside Nonconforming Markets

Jumbo Delinquency Rate Rose in 3Q17, But Sector in Line with Overall Market

After declining for two consecutive quarters, the delinquency rate on jumbo mortgages increased in the third quarter of 2017, according to Black Knight. Hurricanes contributed to the uptick in delinquencies, and performance in the jumbo market remains strong overall. The delinquency rate on non-agency jumbo mortgages was 1.60 percent as of the end of September, according to Black Knight. That was up from 1.49 percent in the previous quarter ... [Includes one data chart]

December 8, 2017 - IMFnews

What We’re Hearing: President Trump: Wells Fargo Will be Fined / President Trump? / Time to Exempt Fannie and Freddie from the GOP Tax Overhaul? / Who Lost the GSEs? / Hensarling’s Change of Heart, Why? / CMLA Names Former Freddie Official Acting Director

Now comes the big question: Why is the president of the United States weighing in on a bank regulatory issue? Then again, it’s Donald Trump. Mortgage ramifications? Stay tuned…

December 8, 2017 - IMFnews

Hensarling is Ready to Deal on GSE Reform, but Will it Happen?

Rep. Hensarling: “This means the government needs to be in the last-loss position, with multiple layers of private capital, as diversified as possible, stacked up before it.”

December 7, 2017 - Inside Mortgage Finance

Senate Tax Reform Bill Spares Servicers but Many in Housing Industry Concerned About Other Provisions

An intensive burst of lobbying helped mortgage servicers avoid adverse consequences in the tax reform bill passed by the Senate late last week. But housing-industry representatives continue to warn that the legislation would lead to home-price reductions and reduce incentives for homeownership.

December 7, 2017 - Inside Mortgage Finance

A Slow 4Q17 for Servicing Sales but 2018 Could See a Tornado of Activity and New Buyers

For the most part, the sale of bulk mortgage servicing rights has been sluggish during the fourth quarter, but dealmakers are anticipating the torpor may soon end.

December 7, 2017 - IMFnews

Short Takes: Not Happy with Jeb’s GSE Comments / Lame Duck or Not… / White House Leaning Toward Michael Bright / Granite Ramps Up Commercial Commitments / Dart Hires Finance VP

It's only a matter of time before the White House officially nominates acting Ginnie Mae president Michael Bright to be the permanent head of the agency...

December 7, 2017 - IMFnews

Walter’s New CFO, a Former JPM Executive, Could Earn Almost $1 Million Next Year

Lombardo joins Walter, the parent of Ditech Financial, from the community banking division of JPMorgan Chase.

December 7, 2017 - IMFnews

If Rep. Hensarling Gets His Way, GSE Shareholders Would be Wiped Out

If the Texas Republican gets his way, investment firms including Pershing Square and Fairholme Funds stand to lose the millions of dollars…

December 6, 2017 - IMFnews

HFSC Chairman Hensarling Makes it Official – He’s Open to Idea of U.S. Backing Mortgages, but Still Wants to Kill Fannie and Freddie

However, Hensarling is adamant that the plug be pulled on Fannie Mae and Freddie Mac...

December 6, 2017 - IMFnews

HomeStreet Investors Criticize the Bank’s Mortgage Business

The investor was also critical of HomeStreet’s efforts to expand its footprint beyond the Pacific Northwest…

December 6, 2017 - IMFnews

Production, Servicing Profits Up in 3Q17

Servicing income rose 1.5 percent during the third quarter, although five of the 12 companies reported declines and one of them – PHH Mortgage – posted a loss.

December 5, 2017 - IMFnews

Short Takes: When it Comes to GSE Issues, No Lobbying Please / A Large MSR Package Forthcoming? / KBW Ends Coverage of Walter / Newfi Gets Fannie Approvals, FHA / Yes, Cordray is Running for Governor / Redfin Director Departs Suddenly

We understand that a fairly large bulk portfolio of mortgage servicing rights might be hitting the auction block soon...

December 5, 2017 - IMFnews

Ocwen, Nationstar Reach Separate Settlements on Various Servicing-Related Issues

But news of the settlements wasn’t doing much for their stock prices. Both were down slightly on the day.

December 5, 2017 - IMFnews

Mortgage Banking Earnings Declined for Depositories in 3Q17

Wells Fargo reported a huge drop in mortgage banking income, but the rest of the top five banks all posted increased earnings from their operations…

December 4, 2017 - IMFnews

A Wide Variety in Securitizations of MSR Assets

Ocwen Asset Servicing Income Series 2014-1 was secured by MSR related to $11.80 billion of mortgages serviced for Freddie Mac.

December 4, 2017 - IMFnews

Short Takes: Atlanta’s Mayor Wants Fannie Chairman Perry to Resign / Arch’s Chief Economist: Housing Relief for Seattle, Looser Credit / LendingHome Hits $2B Mark / Senators Make Threats Regarding English / A Promotion at LoanLogics

Nine senators said they would work to invalidate any new rules issued by the CFPB if Leandra English prevails in her attempts to unseat and replace the bureau’s acting director, Mick Mulvaney...

December 4, 2017 - IMFnews

As ‘Zero Capital’ Day Approaches, Senate Moves to Create a GSE Bill

Lobbyists and others tracking the effort told this newsletter that those who’ve been shown the legislative language have taken a non-disclosure vow…

December 4, 2017 - IMFnews

New Amendment in GOP Tax Bill Spares Adverse Treatment for Mortgage Servicing Income

The MSR-saving amendment fixing the tax language was offered by Sen. Mike Rounds, R-SD...

December 1, 2017 - Inside The GSEs

FCC Seeks Comment Regarding FHFA’s TCPA Petition

The Federal Communications Commission is seeking feedback on a petition filed by the Federal Housing Finance Agency regarding the ability of mortgage servicers to contact borrowers in natural disaster areas. The FHFA petition is in reference to stipulations based on the Telephone Consumer Protection Act. With three major hurricanes this fall, the FHFA said there’s a need for mortgage servicers to quickly contact borrowers whether by voice or automated messages. The agency filed the petition in hopes of getting a speedy response to two requests. The Fannie Mae and Freddie Mac regulator wants the FCC to declare that borrowers who are affected by disasters are considered to have given their consent to receive calls from their mortgage servicers.

December 1, 2017 - Inside Mortgage Trends

Why Do Delinquencies Drop in April?

According to figures compiled for the National Mortgage Database and analyzed by Inside Mortgage Trends, for much of the past decade there has been a saw-tooth pattern that finds late payments begin increasing in November of each year before peaking in January.

December 1, 2017 - IMFnews

What We’re Hearing: Yes, There’s a Senate GSE Reform Bill in the Works / Acting Ginnie Mae President Has Some MBS Ideas / How Many Loss Positions are There? / The Mulvaney Effect? / Ranieri will Stick Around

Mick Mulvaney has been in charge of the CFPB all week and we’ve yet to hear one prediction that subprime mortgage lending will revive with a vengeance…

December 1, 2017 - IMFnews

Walter, Parent of Nation’s 11th Largest Servicer, Files Prepackaged Bankruptcy Plan. Share Price Spikes, but…

At press time, Walter’s share price was up 38 percent on the day to $0.52. However, its five-year high is $45.92.

December 1, 2017 - Inside MBS & ABS

Wide Variety in ABS Backed by Proceeds From Residential Mortgage Servicing Rights

Some servicers in recent years have tapped the securitization market to help finance the purchase of mortgage servicing rights. Structures for deals from three nonbanks have varied significantly, ac-cording to an analysis by Moody’s Investors Service.

December 1, 2017 - IMFnews

Ginnie Mae Acting President Warns: Lenders Could be Kicked out of the Program for ‘Churning’

For lenders that produce pools with inexplicably fast prepayment speeds, removal from the program is not out of the question, said Ginnie Mae's Michael Bright...

November 30, 2017 - IMFnews

Short Takes: Trump Making a CFPB Short List / Appeal Expected but So Far Nothing / Not on the Merits… / CapLoc Looking for Warehouse Chief / LendingTree on a Roll

A handful of warehouse managers told IMFnews that a head-hunter hired by CapLoc contacted them about running the firm's warehouse initiative...

November 30, 2017 - IMFnews

MBA: Origination Profits Declined in 3Q17

For lenders, the killer was rising expenses: $8,060 in 3Q17 compared to $7,774 in the second quarter…

November 30, 2017 - IMFnews

VA and CFPB Issue Warning on Aggressive Refi Solicitations

Acting Ginnie Mae president Michael Bright said the task force is examining critical issues, important data and lender behaviors related to refinancing loans…

November 30, 2017 - IMFnews

With Mulvaney in Charge of the CFPB, Industry Hopes for a Kinder, Gentler Agency

Mulvaney’s ascension has raised expectations the bureau will alter its legal positions in high-profile cases such as those involving Ocwen Financial and PHH…

November 29, 2017 - IMFnews

With Kittle Backing Away from Top Ginnie Job, Michael Bright May be Trump’s Pick

“Basically, David [Kittle] came to the conclusion that it just wasn’t worth the wait,” said one industry lobbyist...

November 29, 2017 - IMFnews

With Mulvaney Confirmed as CFPB Acting Director, What Happens to English?

There are reports that Leandra English’s effort to unseat Mulvaney has been financed by an anonymous group of donors...

November 29, 2017 - IMFnews

New Residential Agrees to Buy Ranieri’s Shellpoint Platform for $190 Million

According to figures compiled by Inside Mortgage Finance, New Residential ranks fifth among all residential servicers with $343.0 billion of contracts at Sept. 30. New Penn ranks 46th among lenders.

November 28, 2017 - IMFnews

Judge Makes it Official: Mulvaney is the Acting Director of the CFPB; Will English Appeal?

Some legal observers believe if Trump had acted first and not hesitated in picking Mulvaney, English would never have been named by Cordray and this whole mini-crisis avoided.

November 28, 2017 - IMFnews

Short Takes: Day 2, Mulvaney is Still in Charge / Waiting on Judge Kelly to Decide / Look for an Appeal / Raj Date Resurfaces, Sort of / Soros Fund Joins MBA

Depending on the judge’s decision, the losing party will appeal…

November 28, 2017 - IMFnews

MBA Sounds Warning on GOP Tax Plan, Says MSR Values Will Get Hammered. ‘Financial Soundness’ Impacted As Well

Deal makers that buy and sell MSR assets said the Senate tax language could transform the mortgage business, creating leverage for aggregators...

November 28, 2017 - IMFnews

Mortgage M&A Activity Increases, but Major Deals are Elusive

Last year, Mortgage Banking Solutions brokered five deals. This year, the firm hopes to complete four and maybe five…

November 27, 2017 - IMFnews

New (Acting) CFPB Director Mulvaney: We Will Run This Agency Differently Than the Previous Administration

Meet the CFPB's new boss – he's nothing like the old boss...

November 27, 2017 - IMFnews

Short Takes: Don’t Ask Us, Try OMB / English has OMB Roots / Radian Sells Clayton Unit / Subprime Standards Tighten / Guild Expands into North Dakota

Guild Mortgage, San Diego, has expanded its presence in the Midwest...

November 27, 2017 - IMFnews

New CFPB Acting Director Mulvaney Tells Staff He’s in Charge

OMB Director Mick Mulvaney arrived on G Street Monday morning, carrying a brown shopping bag and declaring he was the acting director of the CFPB…

November 27, 2017 - IMFnews

Wells Fargo has its Executives on a Short Leash

When Codel was let go he forfeited restricted stock options…

November 22, 2017 - IMFnews

Two Acting Directors Named. Who’s in Charge at the CFPB?

The White House, though, expects English to show up for work Monday morning as deputy director – and not acting director.

November 22, 2017 - Inside FHA/VA Lending

Waters’ Proposal to Reinstate Life Of Loan Policy Would Weaken FHA

Congress and the FHA should avoid undertaking policy changes that would further weaken the agency’s ability to cover insurance losses and potentially lead to another taxpayer bailout, according to a recent analysis by The Heritage Foundation. THF analyst John Ligon and Norbert Michel, a research fellow, said FHA policy reforms should ensure that the agency maintains a limited role in the housing finance system. FHA should make way for private capital to enter the market and serve the housing needs of American households, they added. FHA can accomplish such policy goals by lowering its loan limits and adequately pricing insurance for borrower risk, the analysts said. In addition, Congress should ensure that FHA borrowers are required to maintain mortgage insurance over the full life of the loan as required currently by the Department of Housing and Urban Development, said ...

November 22, 2017 - Inside FHA/VA Lending

Ginnie Spots Inconsistent Reports Regarding First Payment Date

Ginnie Mae called on issuers to ensure that the data they submit are accurate following the discovery of erroneous payment reports. The agency said it has noticed discrepancies in the reporting of the first payment date on loan modifications in violation of Ginnie guidelines. Specifically, the first payment date some issuers reported as part of the loan-delivery data did not match the date submitted for the same mortgage loan as part of issuers’ monthly report of pool and loan data. Ginnie blamed the errors either on loans set up incorrectly for servicing or faulty data issuers had reported to the Department of Housing and Urban Development. Guidance issued by Ginnie on Nov. 14 reminded issuers to report the first scheduled payment date of the re-amortized loan when reporting the first payment date for modified mortgages through either the GinnieNET or the Reporting and Feedback System. The date ...


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

Yes, definitely. We’re planning a launch.
No. It’s still difficult compliance/regulatory-wise.
Maybe. It’s under consideration.
Not now. But things could change as 2018 progresses.

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