The GSEs have slowly been losing share in the servicing market since March 2022. In the second quarter of 2024, Ginnie Mae and the non-agency sector gained more servicing share. (Includes two data tables.)
JPMorgan Chase remained the largest bank in terms of servicing for others and increased its volume in the second quarter, a feat managed by only one other bank in the top 10. (Includes data table.)
Refis are poised to increase and MSR values will decline as interest rates decline. United Wholesale Mortgage is prepared for the moment, having sold off a significant amount of MSRs earlier this year.
Select Portfolio Servicing added more servicing volume from non-agency MBS than Shellpoint Mortgage Servicing in the second quarter. (Includes data table.)
The increase in sales of Ginnie MSRs was tied to bulk sales by United Wholesale Mortgage. Lakeview/Bayview Loan Servicing was — by far —the top bulk buyer of Ginnie servicing. (Includes two data tables.)
The nonbank share of owned servicing increased from 55.9% as of the end of March to 56.9% at the end of June. Much of that growth was driven by large firms, which are gobbling up MSR and subservicing. (Includes three data tables.)
Servicing issues remained the top type of mortgage-related complaint received by the CFPB. The only mortgage category to see an increase in complaints was loan applications. (Includes two data tables.)
The second quarter offered a “shockingly flat” environment for the asset value of mortgage servicing rights. But with interest rates beginning to creep lower, the third quarter could be a different story.
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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