In a new investor update filed with the Securities and Exchange Commission, megaservicer Mr. Cooper (Nationstar Mortgage) says it has a tangible net worth ratio of 13.2%, as measured in accordance with standards set by the Federal Housing Finance Agency...

The package from IMA has 30 months of seasoning and FICOs of 735. Dovenmuehle Mortgage, Lake Zurich, IL, is the subservicer. The portfolio has a Northeast geographic concentration.

The Consumer Financial Protection Bureau, in the fall of 2018, announced plans for rule-making to define the meaning of “abusive” under its authority to ban unfair, deceptive or abusive acts or practices.

Of course, the whole point is moot though, isn’t it? Fannie and Freddie continue to be wards of the federal government. If they fail to meet a capital test, what’s the worst Uncle Sam can do? Put them in conservatorship? They’re already there... 

In a similar move, FHA is developing a modern, single-technology platform suitable to the emerging digital and paperless mortgage environment. The system will provide lenders with a single port to conduct business from applications to claims, including the ability to track requests throughout the life cycle of the loan, said FHA Commissioner Brian Montgomery.

Better.com’s other major backer is Citigroup. Better recently hired industry veteran William Buell to head the nonbank’s B2B platform. Buell has a deep resume, including stints at Bank of America, JPMorgan Chase and FirstKey…

Much of the decline came right at the top as Wells Fargo reported a drop of $19.85 billion in total mortgage servicing during the first quarter.

At a recent American Bankers Association conference, Cathryn Abshier, fair lending officer and vice president of compliance at Mr. Cooper, said the nation’s third-largest servicer is seeing state regulators focus on disparate impact in their fair lending examinations.

In May, the bureau published nine orders partially modifying CIDs issued over the past few years.

The spate of M&A activity in the sector suggests that more deals could be in the works, given the attractive nature of being a subservicer compared to owning the servicing strip outright…