Falling interest rates are never good for the value of mortgage servicing rights. But with so many MSR owners keeping their 3% to 4% rights of 2020 and 2021 and selling the rest, marks for the third quarter of 2024 could be benign.
The Conference of State Bank Supervisors urged the bureau to consult with individual states regarding their loss-mitigation requirements to ensure proposed changes don’t incorrectly preempt state protections.
With the bureau’s Section 1033 rule expected to be finished shortly, the regulator is interested in issuing additional rules on open banking, with one potentially focused on mortgages.
A coalition of mortgage industry trade groups expressed concerns about the proposal. And trade groups representing servicers sounded more alarms in their individual comments to the CFPB.
The bureau is relying on the Dodd-Frank Act and RESPA to support its proposed changes to mortgage servicing requirements. However, industry attorneys suggest the arguments might not hold in court.
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