Shellpoint processed more than 25% of the dollar volume of non-agency MBS issued in 2020. Servicers continue to grapple with elevated delinquencies, forbearance and concerns about disclosures. (Includes data chart.)
The servicing standards proposed by the CSBS for nonbanks need to be significantly overhauled or dropped altogether, according to industry com-mentors.
Citadel rebrands as Acra Lending; minimal non-agency MBS downgrades following review by Fitch; non-QM impairments decline; non-agency forbearance down slightly.
The Consumer Financial Protection Bureau late this week issued two final rules for qualified mortgages: One replaces the 43% debt-to-income ratio with a pricing threshold and the other creates a seasoned QM category.
Proposed standards by state regulators for nonbank servicers could cause problems for smaller firms, according to industry attorneys. But state regulators defended the proposal ahead of the comment deadline.
Select Portfolio Servicing gained ground during the third quarter but Shellpoint Mortgage Servicing remained the top servicer of non-agency MBS. (Includes data chart.)
Velocity resumed lending in September, predicting that production could hit pre-pandemic levels by the second quarter of 2021. The nonbank also took a large charge-off in the third quarter.
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