Back in 2011, large bank servicers – including Wells Fargo, JPMorgan and Bank of America – controlled roughly 94% of the mortgage servicing market, a fact cited in a new report from the Conference of State Bank Supervisors. Today, just four commercial banks rank among the top 10 servicers.
The CSBS report: “Thin liquidity margins, especially when coupled with the other risks identified above, can put a nonbank in a sudden compromised position triggered by a reduction in revenues or other market or economic events such as volatile interest rates that can have significant impact on the value of MSRs.”
Flagstar estimates it will recover about $1 million of the cost in the third quarter while it continues to pursue other legal remedies tied to Live Well...
The lifting of the sanctions comes amid a recent report by Bloomberg that New Day Chairman Emeritus Joe Murin might be a candidate to be the next permanent president of the government guarantor.
FHA/VA lending is the segment where brokers enjoy their biggest market share. In the jumbo space, they captured just 5.0% of second-quarter volume, along with a 17.1% share in the conventional-conforming market.
Charges also were filed against former Live Well executives Eric Rohr and Darren Stumberger who entered a guilty plea in the case late last week and are now cooperating with investigators.
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