The mortgage servicing business is seeing growing consolidation, especially in the second tier of market participants. Mergers, MSR sales and subservicing continue to reshape the market.
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It appears that RoundPoint Mortgage is once again on the auction block. This time around, it looks as though the $90.5 billion residential servicer will be sold to top-ranked Freedom Mortgage, Stan Middleman's shop. But it's not a done deal, sources say, at least not yet.
Ditech is about to lose a huge subservicing contract that it has with New Residential Investment Corp. A handful of subservicing vendors are considered finalists to replace Ditech, including market leader Cenlar and the number-three ranked LoanCare.
Compliance relief is one of the major benefits that leads owners of mortgage servicing rights to use subservicers, including some of the largest MSR investors in the market.
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Fannie Mae and Freddie Mac in the first quarter of 2019 earned a combined net income of roughly $3.8 billion — all of which is likely to be sent as dividend to the Treasury Department.
Faxing income verification requests to the IRS may soon be a thing of the past as a bill seeking to modernize IRS processes has found strong support in Congress.
Zillow failed to win an early dismissal of a suit alleging its co-marketing program violated RESPA. Separately, a group of lenders including Bank of America will face revived kickback claims under RESPA.
Faced with a lawsuit from a tribal housing-finance agency, HUD has delayed implementation of a new policy regarding downpayment assistance programs for at least 90 days.