Freddie Mac and Fannie Mae accounted for most of the growth in the servicing market during the first quarter of 2021, as nonbanks continued to expand their footprint. (Includes two data charts.)
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Subservicing contracts continue to proliferate. The bad news? These vendors worry about an onslaught of COVID-related work and oversight. (Includes data chart.)
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Fannie imposes a draconian 3% cap on NOO loans for some lenders to ensure it meets the 7% cap required under the PSPA. Freddie, already under the cap, puts its threshold at 6%.
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Though demand for purchase mortgages is increasing, it is nowhere near levels sufficient to make up for the decline in refi activity, say lenders.
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The mortgage industry is low-hanging fruit for extortionists given the amount of personally identifiable information lender/servicers house about customers, according to cybersecurity experts.
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There has been a tenfold spike in the number of complaints about appraisal-related discrimination filed with HUD’s Office of Fair Housing and Equal Opportunity since 2019.
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