At mid-year, Cenlar remained the largest subservicer in the land, but growing one’s book of contracts is getting more challenging. Meanwhile, PennyMac Financial wants to be a significant player. (Includes data table.)
More than a week after a Fed official outlined a planned re-proposal to adjust capital requirements for large banks, industry participants are still waiting for the formal document.
Believing in its prowess as a servicing recapture expert, Rocket Mortgage is itching to buy MSR packages. In other M&A news, a distillery wants to enter the origination business. Think of the cross-selling opportunities!
Nonbanks are making money once again, which could pave the way for new nonbank IPOs. Also, some of the IPO class of 2020/2021 are trading above their out-of-the-gate prices.
The mortgage delinquency rate is rising in tandem with the unemployment rate. While early-stage delinquencies are growing, borrowers are largely avoiding foreclosure thanks to home equity and loss mitigation. (Includes data tables.)
The servicing sales market has slowed this summer, but there are rumblings of activity. Freedom Mortgage, for instance, is peeling off a piece of its conventional portfolio. And a sale of SPS is in the works.
Refis are poised to increase and MSR values will decline as interest rates decline. United Wholesale Mortgage is prepared for the moment, having sold off a significant amount of MSRs earlier this year.
The creation of a U.S. sovereign wealth fund could grease the skids for an end to the conservatorships of Fannie Mae and Freddie Mac.
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