Some 195,000 mortgages were in forbearance as of the end of July, according to the Mortgage Bankers Association.

Mark Garland, managing director of SitusAMC: “When rates were lower it wasn’t a big deal. Now it is.”

According to early estimates by the office of Hawaii Gov. Josh Green, D, on the number of homes in Maui County that might have been impacted, 5,200 mortgages were owned by Freddie Mac, 9,800 by Fannie Mae and 2,400 by Ginnie Mae, including 1,300 FHA mortgages and 927 VA loans.

Each mortgage originated in the second quarter of 2023 generated an average pre-tax net loss of $534, compared to a loss of $1,972 per loan in the first quarter, according to the MBA.

Industry economists project that interest rates on mortgages will peak during the third quarter...

Shellpoint handled servicing on $3.10 billion in non-agency MBS issued in the second quarter of this year, a 33.2% decline from the previous quarter.

Not all lenders are cutting staff...

"None of the 25 banks (that I know of) are remotely close to this cap," said one servicing advisor...

In case you didn't know, thanks to higher interest rates, the Ginnie "early buyout" game is over...

The loans backing the MSR portfolio hail from Alabama, Florida, Louisiana, Mississippi and Texas...