Most of the major bulk buyers of agency servicing rights moved to the side-lines in the second quarter of 2020, and more mid-sized lenders opted to hold MSR rather than sell through coissuance arrangements. (Includes three data charts.)
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The second quarter of 2020 generated the strongest profits from mortgage banking that the banking industry has seen in years. MSR accounting issues were a drag, but production volume and margins soared. (Includes data chart.)
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On Thursday, Rocket Companies, the parent of Quicken Loans, will debut on the NYSE. If warmly received, the mortgage IPO could pave the way for other deals.
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Data vendor Black Knight plans to combine its Compass Analytics business with Optimal Blue in a newly formed entity, with an emphasis on cross-selling products.
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The Mortgage Industry Standards Maintenance Organization said it is developing standards to facilitate more efficient servicing transfers. The organization is asking industry participants to join its working group.
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Borrowers faced with coronavirus-related financial difficulties are prioritizing auto and credit card payments over mortgage, according to Fitch Ratings.
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Given the recent surge in new COVID-19 infections, now may be a good time to reassess location-based licensing requirements as well as state oversight, the trade group believes.
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