At yearend, consumers owed $11.168 trillion on their first liens, according to Inside Mortgage Finance, which means the dollar volume of residential loans under forbearance now totals $664.5 billion.
Mortgage bankers not affiliated with depository institutions owned mortgage-servicing rights for $1.363 trillion of loans backing Ginnie MBS, or a stunning 67.8% of the market.
Ginnie MBS data show an increase of 72,224 loans recorded as 30 days past due from February to March. Some 56,266 of those newly delinquent loans were FHA-insured.
Only 11.22% of purchase-money mortgages purchased by the GSEs in the first quarter had FICO credit scores below 700. That was down from 12.05% in the fourth quarter and 14.66% a year ago.
On the servicing front the news was grim. Wells revealed that its massive residential servicing portfolio declined in value by 29.4% from the prior period: $8.13 billion at March 31 compared to $11.52 billion at yearend.
Is Onity Group eyeing a sale? Perhaps. And why not? Servicing values are approaching a 25-year high.
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