With originations and loan sales rising across the industry in the third quarter, most companies booked income gains from those activities. Servicing, however, was a different matter. (Includes data tables.)
Investments in technology are helping Mr. Cooper reduce its servicing costs and allowing the industry’s largest servicer to place competitive bids on servicing portfolios.
A new study from J.D. Power showed that mortgage servicers could better meet customer demands by implementing online chat and AI technologies into their workflows.
Lenders, servicers and tech vendors are touting their latest products that include AI; many borrowers don’t appear to be ready to embrace AI in the mortgage process; and a handful of non-AI announcements.
Bulk sales of agency mortgage servicing rights shifted to prepayment-protected coupons of 4% or less, while transfers of refinance-rich MSR slowed. (Includes three data tables.)
Loan performance slightly deteriorated in agency mortgage-backed securities during the third quarter, with delinquencies increasing across all late-payment categories. (Includes data table.)
JPMorgan Chase remained the largest bank in terms of servicing for others and increased its volume in the second quarter, a feat managed by only one other bank in the top 10. (Includes data table.)
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