Nonbanks accounted for most of the improvement in servicing income in the first quarter while also reporting significant declines in originations and secondary marketing. Companies that use subservicers posted significantly higher earnings. (Includes data chart.)
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Most of the big banks -- even Bank of America -- reported hefty gains in mortgage banking income during the first quarter that appear largely driven by net servicing fees. (Includes data chart.)
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Stavvy has secured $40 million in an initial funding round while Spruce closed on a $60 million Series C round. The vendors provide tech-related services for lenders and servicers.
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Officials at Doma, which is set to go public via a special purpose acquisition company maneuver, said the company might not be profitable until 2023.
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