Mr. Cooper was the top buyer of bulk agency MSR packages, with a huge chunk of it coming from United Wholesale Mortgage. Coissuance activity also increased. (Includes three data tables.)
Loan performance deteriorated across most late-payment categories in the agency mortgage-backed securities market in the second quarter. However, delinquency rates remained lower than six months ago. (Includes data table.)
Some MSR buyers would rather focus on acquiring volume and leave the servicing duties to someone else. Subservicers are happy to provide the service, touting cost savings and innovations.
The volume of mortgages banks service for other entities declined by 2.0% during the first quarter of 2024. Regions Bank was the only depository among the top 10 to increase its servicing. (Includes data table.)
PennyMac booked a weak increase in servicing income due to a large loss tied to hedges for MSRs; First American’s CEO doesn’t expect the CFPB’s effort on lender’s title insurance to change much.
A substantial slowdown in bulk sales of Fannie/Freddie servicing led to the lowest secondary market volume for agency MSRs since the third quarter of 2020. (Includes three data tables.)
Delinquency rates were down for all three government agencies and in every late payment category during the early months of 2024. (Includes data table.)
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