A dozen publicly traded nonbanks saw combined income drop 69% from the first to the second quarter, thanks largely to shrinking production margins and unhedged MSR portfolios. (Includes data chart.)
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The key to a modest increase in servicing-for-others in the banking industry was the purchase of a large nonbank by Western Alliance Bank. (Includes data chart.)
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Rocket is offering residential solar financing and installation services while New Residential is set to launch an operating company focused on single-family rentals.
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A Fannie survey finds that most recent homebuyers used no online tools to get their mortgage. The use of some digital channels actually declined during the pandemic.
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Three New York mayors have filed lawsuits against Ocwen/PHH in an attempt to send a message to servicers to take care of “zombie properties.”
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Offshoring certain functions involved with originations or servicing can generate cost savings of 25% and beyond. Still, there are risks involved with the practice.
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Observers point to forecasts of continued growth in the demographic, especially among young Hispanics aging into household formation and first-time home purchases.
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Delinquencies declined again in July, though 1.45 million borrowers are 90+ days delinquent. Mortgage employment increased in June as interest rates remained low.
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