Delinquency rates are rising and many observers expect a mild recession this year. Nonbanks continue to grow their share of agency MSRs while banks build whole-loan portfolios. (Includes three data charts.)
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The TILA-RESPA Integrated Disclosure rules require mortgage lenders to disclose prices within three days of an application. But to do so they have to rely on frequently faulty income and debt information.
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Communication is key when mortgage companies face financial difficulties and potential breaches of warehouse financing covenants. Warehouse providers are looking for profitability plans for nonbanks.
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The servicing side of residential finance, in particular processing fees and MSR sales, has saved many a lender from the abyss during the correction of the past year. But it hasn’t been a complete joyride. Rising personnel costs and technology expenditures are a concern.
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Commercial banks continue to look sideways at the residential lending business, wondering why they should be in it at all. Some are getting out while others are scaling back significantly.
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In November, the former employees filed a class action accusing AmeriSave of fraud, deception and breach of contract. The lawsuit is on hold pending arbitration.
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