Mortgage Servicers

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

November 15, 2018 - IMFnews

After Cutting 400 Mortgage Workers in June, Wells Fargo Plans to Cut 900 More

The megabank currently employs 27,000 mortgage-related workers or what it calls “team members.”


November 15, 2018 - Inside Mortgage Finance

Mortgage Delinquencies Spike in 3rd Quarter on Seasonal Issues; Foreclosures Limited

The delinquency rate on mortgages increased significantly in the third quarter of 2018 compared with the previous period, according to Inside Mortgage Finance’s Large Servicer Delinquency Index. Industry analysts suggest that the rise was largely related to seasonal factors. [Includes one data chart.]


November 15, 2018 - Inside Mortgage Finance

Impac’s Future Looks Cloudy as Firm Turns to MSR Sales to Bolster Results. Betting the House on Non-QM Lending?

Although Impac Mortgage Holdings lost $142.8 million over the past two quarters, company management continues to be bullish on its future, laying the groundwork for a further expansion into the non-qualified loan market.


November 15, 2018 - IMFnews

Short Takes: Who is Andrew Olmem and Why Does He Matter? (GSE Reform) / A Production Gain for Ditech / Citywide Home Loans Signs Partnership Deal with Stearns / Caliber Readies Nonprime MBS

If you haven’t heard of Andrew Olmem before, it’s because he tends to keep a low profile.


November 15, 2018 - IMFnews

More Red Ink for Ditech in 3Q and Another Potential Trip into Bankruptcy

Ditech said the company is in talks with “certain” corporate debt holders regarding another possible "court supervised" Chapter 11 process...


November 14, 2018 - IMFnews

Short Takes: MMIF Audit Due Thursday / Good News Expected but no FHA Premium Cut / Trades Voice Support for Kraninger at the CFPB / A Promotion at Stewart Title

The groups expressed their view that Kraninger has the ability to lead and manage the CFPB and protect the financial interest of consumers.


November 14, 2018 - IMFnews

Nonbank Profits a Mixed Affair in Third Quarter

Ocwen Financial has not been a model of prosperity...


November 13, 2018 - IMFnews

Short Takes: Assessing the Value of GSE Common / The Prior Decade and GSE Share Prices / Worrying About Home Values in California / Another MBS Settlement for Wells Fargo / Vendor Hires Fannie Mae Official

Early last decade, Fannie common once traded as high as $85.03, Freddie $68.20.


November 13, 2018 - IMFnews

Altisource’s Equator Includes a Blockchain Option in its Servicing Platform

Altisource said the tech offering provides the option for individual mortgages to be tracked as individual chains of data via blockchain...


November 13, 2018 - IMFnews

CFPB Exams Continue Apace Despite the 'Mulvaney Effect’

MBA’s Pete Mills noted that IMBs of all sizes from small to large are examined each year…


November 12, 2018 - Inside the CFPB

S&P: Servicers Need to Keep Best Practices Despite Loosening Regs

S&P Global Ratings last week urged mortgage servicers to continue to follow the best practices established after the financial crisis, even as some federal regulators are adopting less assertive regulatory approaches. “While we believe the regulatory landscape has changed and that these actions offer some promising developments for servicers, this overture could still prelude some hurdles,” an S&P report said. “Since servicers have invested considerable capital ...


November 12, 2018 - IMFnews

Short Takes: Still Hiring, UWM / Strong Growth for the Nation’s Largest Wholesaler / The Moelis GSE Plan: the Good and the Bad / Promotions at Nations Lending

United Wholesale Mortgage continues to hire...


November 12, 2018 - IMFnews

Odds of GSE Reform May Not Have Changed Much

Gone from the Senate, via retirement, is Sen. Bob Corker, R-TN, a moderate Republican who was a proponent of reforming the secondary mortgage market…


November 12, 2018 - IMFnews

GSE Credit Box Opened Slightly Wider in 3Q18

The dollar volume of low-score purchase loans increased by 29.8 percent from the second to the third quarter, while total GSE purchase business went up 23.6 percent.


November 9, 2018 - IMFnews

What We’re Hearing: The ‘Hensarling Effect’ / Team Trump, Not Congress, Will Reshape the Fannie and Freddie / Timing? / Selling Servicing Rights to Unleash Revenue / Ocwen’s Head Count

The first move expected is a possible lowering of GSE loan limits...


November 8, 2018 - Inside Mortgage Finance

With Production and Profits Slowing, Ginnie Mae Tells Nonbank Servicers to Draft Liquidity Plans

Increasingly worried about the liquidity of its largest nonbank issuer/servicers, Ginnie Mae is telling this select group of companies to come up with a plan to address what an agency spokesman characterized as “eventualities.” (Includes one data chart.)


November 8, 2018 - IMFnews

Short Takes: A Sale Agreement but What’s the Price, Mr. Cooper? / A Material Event? / UBS Expects DOJ Action / Ellington’s New Non-QM MBS / A New Hire for Home Point

UBS said the Department of Justice intends to file a civil complaint against the company relating to pre-crisis MBS issuance...


November 8, 2018 - IMFnews

Impac Suffers Another Loss. Revenue and Originations Take a Hit. Layoffs Too

About 41 percent of Impac's volume now entails non-QM lending...


November 8, 2018 - IMFnews

Redwood Accelerates Diversification Efforts, Remains Profitable in Third Quarter

Redwood CEO Chris Abate: “Our game plan in the third quarter was a bit unconventional – we ran an up-tempo offense, squarely in the face of mortgage market headwinds.”


November 8, 2018 - IMFnews

Mr. Cooper Reports $54 Million Profit for 3Q18, Agrees to Buy $10B Originator

Several months ago, rumors began to surface that Pacific Union might be for sale...


November 7, 2018 - IMFnews

Ocwen’s New CEO Talks About Severance Payments, but Growth Too

Ocwen CEO Glen Messina: "Having completed the merger, we now have unrestricted access to PHH employees..."


November 7, 2018 - IMFnews

Expanded-Credit MBS Underwriting Not Loosening Much, Prepayments Remain High

Risk layering remains uncommon on the new breed of expanded-credit mortgages…


November 7, 2018 - IMFnews

NYSE Suspends Trading in Ditech, Nation’s 13th Largest Servicer

Ditech said it has no plans to appeal the NYSE’s decision.


November 6, 2018 - IMFnews

Short Takes: Calabria for the FHFA Job? / Egenhoefer’s New Gig? / Ocwen’s Share Price Gets Clocked / WAMCO Prepares EC MBS / Invitation Homes’ SFR Inventory / Fast-Growing Servicers

Among the nation’s top 20 servicers at Sept. 30, Freedom Mortgage had the largest increase its MSR balances...


November 6, 2018 - IMFnews

Rated MBS Backed by Fix-and-Flip Bridge Loans Likely

Fix-and-flip financing has gradually increased each year since 2011…


November 6, 2018 - IMFnews

Another Quarterly Loss for Ocwen, New CEO Messina Calls for ‘Re-engineering’ the Cost Structure

Ocwen is planning a re-engineering of its cost structure...


November 5, 2018 - IMFnews

Short Takes: The Election Day Crystal Ball and the GSEs / One More Try at a GSE Bill? / Hensarling Wants to Bury the GSE Model / John Britti’s Extra Pay / A New Texas Branch for Waterstone

On Friday, long-time GSE critic Rep. Jeb Hensarling, R-TX, took one more rock to Fannie and Freddie...


November 5, 2018 - IMFnews

Mutual of Omaha’s MB Inks Deal to Buy Assets of BBMC

No details were provided regarding the assets that Synergy will take on…


November 5, 2018 - IMFnews

Ahead of 3Q18 Results, Impac’s Share Price Falls to a 52-Week Low

Impac’s share price fell to a new 52-week low Monday: $5.10.


November 2, 2018 - Inside FHA/VA Lending

Around the Industry

Reporting on VA Loans Impacted by Natural Disaster. The Department of Veterans Affairs is cautioning servicers against reporting as delinquent VA loans that are impacted by a natural disaster. The electronic default notification (EDN) should only be reported prior to the 61st day of delinquency if the borrower intends to abandon the property or pursue an alternative to foreclosure, according to VA. Cite “property problems” as the reason for default, the agency added. On the 61st day of delinquency, servicers should use “casualty loss” as the reason for default when reporting the EDN. This will help VA identify loan defaults caused by a natural disaster. Texas USDA Guaranteed Housing Program See Increased Volume. The USDA guaranteed single-family guaranteed housing programs in the Lone Star State are experiencing significant volume increases, and consequently, ...


November 2, 2018 - Inside FHA/VA Lending

QM Patch Expiration Could Shift More High-DTI Loans to FHA

Certain potential changes could materially affect origination volume and determine the government-sponsored enterprises’ direction going forward, according to analysts. One of those changes could have a significant impact on the FHA market. Wells Fargo Securities analysts recently looked at three potential developments in the Fannie Mae/Freddie Mac sphere and evaluated their effects on the broader mortgage market. Two of those potential changes – loan limits and guarantee fees – are controlled directly by the Federal Housing Finance Agency, while the third relates to the temporary GSE qualified-mortgage exemption, or “QM patch,” which could affect the FHA market. All three factors loom over the mortgage landscape as the FHFA expects a new director in January 2019, who is likely to be more right leaning and could shift the focus back to shrinking the ...


November 2, 2018 - Inside FHA/VA Lending

MBA Backs USDA’s Proposed Changes to Loss-Claim Process

The Mortgage Bankers Association welcomed proposed changes to the U.S. Department of Agriculture’s single-family loss-claim and loss-mitigation process but cautioned the proposal, as drafted, will result in higher lender losses on foreclosed properties. The USDA/Rural Housing Service proposal would amend single-family guaranteed loan regulations to streamline the claims payment process for lenders who have acquired title to property through voluntary liquidation or foreclosure. The proposal would require lenders to order a market-value appraisal 15 days after acquiring title and submit their claim within 45 days of receipt of the appraisal. RHS believes the proposal would eliminate the need for real estate-owned property-disposition plans, different loss claims calculations based on whether the property is sold or remains in the lender’s REO portfolio, and claims adjustments based on future ...


November 2, 2018 - Inside FHA/VA Lending

FHA Streamlines Claim-Payment Rules for Reverse Mortgage Loans

FHA-approved servicers will now find it easier to file a Home Equity Conversion Mortgage claim under revised HECM rules announced by the Department of Housing and Urban Development last week. The new requirements apply to HECM loans that have reached 98 percent of their maximum claim amount, according to Mortgagee Letter 2018-08. The revised rules took effect on Oct. 22, but HUD will accept public comments for a period of 30 calendar days. Compliance experts say the change is good news for a program that has been experiencing substantial losses and lower volumes. Significant revisions were made last year to cut losses and make the product more efficient, but they have not been enough, said FHA Commissioner Brian Montgomery. Under the revised rules, HECM servicers can use alternative supporting documentation in lieu of previously required materials that ...


November 2, 2018 - Inside FHA/VA Lending

HUD Fails to Recover Millions in Surplus Proceeds, IG Audit Finds

The Department of Housing and Urban Development’s inspector general recommended that HUD pursue the collection of $5.7 million in surplus proceeds it is entitled to reclaim from 2017 loan terminations. The IG found $6.8 million in uncollected surplus proceeds from non-conveyance foreclosures in the possession of custodians. The IG said it initiated a review when it discovered while doing an unrelated audit that a trustee attorney held surplus proceeds from two non-conveyance foreclosures and HUD had not claimed these funds to offset earlier partial claims it had paid for the properties. The latest audit found that HUD did not always do its job. Of the 81 foreclosures reviewed, 32 had nearly As a result, an estimated $6.8 million in surplus proceeds never made it into the FHA insurance fund. Various third parties benefited at HUD’s expense, and the unclaimed funds sat dormant with custodians. The IG recommended ...


November 2, 2018 - Inside FHA/VA Lending

FHA Lenders Agree to Pay $26.7M To Settle False Certification Claims

Two FHA lenders entered into settlement agreements with the Department of Justice and the Department of Housing and Urban Development last week to resolve allegations they violated the False Claims Act in connection with FHA-insured mortgages. PrimeLending of Dallas and Universal American Mortgage Co. (UAMC) of Miami have agreed to pay a total of $26.7 million without admitting to any liability or wrongdoing. As part of an industry-wide inquiry, PrimeLending received a subpoena from the HUD inspector general for documents and other information related to its mortgage practices, including origination of FHA loans. On Aug. 20, 2014, the DOJ issued a civil investigative demand announcing an investigation of PrimeLending for potential FCA violations in connection with the origination and underwriting of FHA single-family loans. On Oct. 23, 2018, PrimeLending entered into a settlement and ...


November 2, 2018 - Inside FHA/VA Lending

GNMA Sees Growing Need for Financing of Nonbank MSR

Ginnie Mae officials would welcome a return of commercial banks to the program, but they are not planning on it. Instead, the agency is looking the other way: at expanding financing options for nonbank portfolios of mortgage servicing rights. The current version of Ginnie’s acknowledgement agreement has been successful, enabling nonbank servicers to arrange MSR financing for virtually their entire portfolios, said Michael Drayne, a senior vice president at Ginnie, during the Residential Mortgage Finance Symposium sponsored by the Structured Finance Industry Group this week in New York. Although a number of banks are financing nonbank servicing portfolios, many are still not participating, he said. Karen Gelernt, a partner at Alston & Bird, noted that many banks continue to have anxiety about what will happen if a servicer defaults on its Ginnie requirements. Speaking as moderator on a panel with ...


November 2, 2018 - IMFnews

What We’re Hearing: The Strange Case of Fannie Mae and Freddie Mac / Pro-Pilot Programs / Warren Buffett and the GSEs / Mortgage Recruiter by Day, Opera Singer by Night / Lima One Makes its Move / Magnetar?

A huge non-QM expansion for Athas Capital?


November 2, 2018 - IMFnews

A Sequential Earnings Decline for Fannie Mae, but a Strong Profit Nonetheless

In less than two weeks, the Senate Banking Committee will hold an oversight hearing on controversial pilot programs launched by Fannie and Freddie...


November 2, 2018 - IMFnews

PennyMac Posts Net Income of $56.2 Million, Founder Sees Consolidation Ahead

Stan Kurland: “We expect to see consolidation in the mortgage market, and successful firms will be the ones that have the size, scale and technological capabilities to compete."


November 1, 2018 - Inside Mortgage Finance

Second-Tier Servicers Continue to Gain Share in 3Q18, Paced by Strong Nonbank Performance

All three of the banks that rank among the top five servicers in the residential mortgage market reported declines in their portfolios during the third quarter, according to a new Inside Mortgage Finance ranking and analysis. [Includes one data chart.]


November 1, 2018 - Inside Mortgage Finance

Third Quarter was a Barn-Burner for Servicing Sales, but Signs of a Slowdown Amid Strong Prices

The sale of mortgage servicing rights in the secondary market stayed red hot in the third quarter with a whopping $138.9 billion of agency product changing hands, but deal makers believe the market is in for a bit of a breather, at least for a little while.


November 1, 2018 - IMFnews

Short Takes: Should the GSEs Increase Servicing Compensation? / Hanging with Mr. Cooper at No. 3 / PennyMac’s Amended Repo Line / Strong Underwriting Income for Arch, KBW Likes Radian

David Fleig of MorVest: “We have numerous active conversations with clients thinking about selling MSRs and I am sure our competitors do as well.”


November 1, 2018 - IMFnews

First Pacific Advisors Discloses a 30.9 Percent Stake in Ditech

First Pacific is an institutional money management firm...


November 1, 2018 - IMFnews

Second-Tier Servicers Continued to Gain Market Share in 3Q18

Meanwhile, the group of servicers ranked sixth through 25th had a combined increase of $119.9 billion from June 30…


November 1, 2018 - IMFnews

New Residential Readies Additional Offering of Stock. MSRs on the Shopping List?

According to Inside Mortgage Finance, New Residential ranks fifth among all residential servicers with a $384.0 billion portfolio at Sept. 30.


October 31, 2018 - IMFnews

Short Takes: Judging Risks and Rewards at Freddie / The Gift that Keeps on Giving: The Trump Tax Cut / Despite Some Losses, Mortgage Bankers Remain Liquid / An Earnings Decline at Radian / Leaving Wells Fargo for a Nonbank

Freddie Mac benefited to the tune of $200 million (pre-tax) by reducing the write-down on its net deferred tax asset...


October 31, 2018 - IMFnews

MIAC, Phoenix Capital Out with New MSR Offerings

According to the offering circular, the portfolio is top-heavy with Ginnie product...


October 31, 2018 - IMFnews

Freddie Earned $2.7 Billion (Net) in 3Q18. Treasury Will Get $2.6 Billion

Freddie said it expects to make the $2.6 billion dividend payment in December.


October 30, 2018 - IMFnews

Short Takes: Parity for the FHLBs and FanFred? / Once a Contender / Newfi and Non-QM / Strong Earnings from First American but Anxiety Too / From Alibaba to MGIC

Roughly 40 percent of Newfi Lending’s current loan volume entails the origination of mortgages that do not meet the qualified mortgage test.


October 30, 2018 - IMFnews

Fairholme Tells Investors Court Ruling ‘Should Advance’ the ‘Re-IPO’ of Fannie and Freddie

Fairholme adds: “This is good news when you count the cash that Fannie and Freddie have earned and will earn.”


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.

vote to see results