The GSEs reportedly are in the hunt to hire special servicers to handle COVID-19-related forbearance claims. The reason: Some nonbanks may be living on borrowed time.
Megaservicer Mr. Cooper anticipates a large MSR mark for the first quarter, thanks to lower rates and COVID-19. The big question: How bad will it be for the rest of the industry?
The first quarter is over and financial blood is in the streets. Now comes the hard part: figuring out MSR values that have been slammed by lower rates and (coming) delinquencies. It won’t be pretty.
PennyMac wants out of its servicing platform marriage with vendor Black Knight. As might be expected, lawsuits and nasty allegations are the order of the day. The two have been working together for 10-plus years.
Witnesses at a House subcommittee hearing on the reverse mortgage program called for improved servicer oversight, mandatory loss mitigation for new HECMs and a new risk rating system.
FHFA Director Mark Calabria this week ended a pilot program that allowed the GSEs to extend lines of credit to nonbanks pledging servicing rights as collateral.
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