Interest rates are firming up and servicing sales are proliferating. Some dealmakers believe the second and third quarters will be barn-burners in terms of transactions.
The CFPB has emphasized that servicers must pay close attention to consumer complaints. The adoption of technological solutions, though slow in this area, can help.
One lender says that when refinances go bust, the industry can’t expect to waltz into the purchase market without there being casualties. Others are more sanguine.
While correspondent sales volume increased on an annual basis in 2020, two of the top five sellers posted diminished sales. Guaranteed Rate and loanDepot are less reliant on correspondent sales than the other top sellers. (Includes data chart.)
In a bid to diversify its product offerings, New York Community Bank is merging with the mortgage-centric Flagstar. Three other depositories are engaged in M&A deals as well.
Sterling Bancorp recently reached a $12.5 million settlement for allegedly violating the Securities Act. The company is now ready to turn the page on its non-agency past.
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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