A week after the CFPB released proposed updates to Regulation X servicing standards, mortgage industry groups are seeking more comment time on the proposal.
Nonbanks handled servicing on the majority of mortgages outstanding for the first time as of the first quarter of 2024. While nonbanks have been the majority servicers in the MSR market for years, the broader servicing tally includes whole loans. (Includes two data tables.)
Servicers are working to shift from reaction-based investments in technology to forward-looking measures. That includes the use of artificial intelligence.
Despite slight declines in portfolios among the top jumbo servicers, servicing volume for the jumbo market stayed relatively flat from the fourth to the first quarter. (Includes data table.)
The volume of mortgages banks service for other entities declined by 2.0% during the first quarter of 2024. Regions Bank was the only depository among the top 10 to increase its servicing. (Includes data table.)
Shellpoint Mortgage Servicing was the top servicer of mortgages backing non-agency MBS issued during the first quarter. Select Portfolio Servicing followed closely behind. (Includes data table.)
Is Onity Group eyeing a sale? Perhaps. And why not? Servicing values are approaching a 25-year high.
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