Booming refi business is generating strong profits for nonbank lender/servicers, easing concerns about liquidity. Still, some nonbank servicers are calling on the Federal Home Loan Banks for financing lines.
A few weeks back there was some hope that, perhaps, the GSE adverse market fee might get scrapped. Not so. Meanwhile, Ocwen keeps trying to turn things around.
The rapid growth in Freddie servicing during the third quarter stood in marked contrast to an unusual decline in the Ginnie market. Loan performance continued to improve. (Includes three data charts.)
It appears the CFPB might still look at whether referrals are being made under MSAs and whether the payments are intended to ‘disguise’ the referral arrangement.
Not only are large nonbanks contemplating IPOs but smaller shops are as well. With mortgage banking considered a cyclical business, will it end badly or is it different this time around?
Mortgage originators are so plush with profits that very few need to sell MSRs. Still, servicing deals are getting done. But pricing isn’t exactly robust.
Trade groups representing nonbank servicers are in favor of the CSBS’ proposal, saying it would apply uniformly across states with some differentiation between the largest servicers and others.
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