With the supply of MSRs expected to grow, there are concerns that prices won’t hold up. Meanwhile, the CFPB is considering incentives for lenders to retain servicing.
Delinquencies in the 30-60-day bucket are increasing in line with trends in unemployment. Foreclosures remain limited though there are concerns about borrowers with low levels of built-up equity. (Includes data table.)
New guidance from the Financial Stability Oversight Council makes it easier for FSOC to increase regulatory requirements for large nonbank financial companies. The move doesn’t sit well with the mortgage industry.
Cenlar, the largest subservicer in the mortgage industry, has been on a middle- and senior-manager hiring spree the past 18 months as it tries to meet the demands of an OCC consent order filed two-plus years ago.
The top 50 servicers boosted their portfolios by 1.7% during the third quarter, more than double the growth rate of the overall market. A number of companies recorded much bigger increases. (Includes three data tables.)
Mr. Cooper is working on an MSR fund with institutional investors, with plans for the nonbank to handle subservicing, while Rithm Capital is still planning a spinoff of its mortgage unit despite the tough market.
Lakeview is consistently one of the biggest players in the secondary market for agency MSR, but Chase and Mr. Cooper both recorded bigger gains during the third quarter. (Includes two data charts.)
Many owners of MSRs will have an opportunity to mark up the asset value of their holdings when reporting third-quarter results. However, the gains likely won’t be all that large.
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