Tongues were wagging late in the week concerning a possible $85 billion package of MSRs hitting the auction circuit. Some suggested it might turn out to be a privately negotiated deal with two buyers.
The mortgage servicer reached a relatively modest settlement with the Massachusetts Attorney General’s Office to resolve alleged violations of mortgage servicing and debt collection regulations.
A new year has commenced, with originators of all sizes trying to figure out the best way to stay afloat until rates fall markedly and conditions improve. The biggest challenge, perhaps: cash burn.
Agency MBS still accounted for the biggest chunk of outstanding home loans, and it's all virtually immune to refinancing. Retained whole-loan portfolios were the fastest-growing sector in the third quarter. (Includes three data charts.)
Mortgage servicing rights are still a hot commodity and new investors continue to surface, but prices aren't what they used to be. One bright spot: Credit quality looks promising, at least on conventional rights.
Fannie and Freddie recommend the CFPB amend the qualified mortgage rule so that more borrowers, particularly those with small-balance loans, are eligible for refinancing.
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