Investments in technology are helping Mr. Cooper reduce its servicing costs and allowing the industry’s largest servicer to place competitive bids on servicing portfolios.
A new study from J.D. Power showed that mortgage servicers could better meet customer demands by implementing online chat and AI technologies into their workflows.
Mr. Cooper Group, already the largest primary servicer, increased its servicing volume by 2.8% during the third quarter while the amount of servicing outstanding grew by 0.8%. (Includes three data charts.)
Consumer complaints submitted to the CFPB related to mortgages slightly increased in the third quarter of 2024, with servicing issues in the forefront.
Subprime auto deals that experienced distressed servicing transfers last year saw swings in delinquencies and ultimately took an elevated level of losses, according to Kroll Bond Rating Agency.
Outsourcing underwriting tasks to offshore contractors can help reduce production costs for mortgage lenders, according to an executive at Verity Global Solutions.
Freddie is adding loan mod functions to its Resolve system and retiring Workout Prospector. The GSE is also setting new fraud reporting requirements for lenders and servicers.
The creation of a U.S. sovereign wealth fund could grease the skids for an end to the conservatorships of Fannie Mae and Freddie Mac.
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