The top 50 servicers boosted their portfolios by 1.7% during the third quarter, more than double the growth rate of the overall market. A number of companies recorded much bigger increases. (Includes three data tables.)
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When nonbanks hurt, their warehouse lenders hurt too, though in different ways. A sharp reduction in mortgage originations — with no interest rate relief in sight — is causing a handful of bankers to quit the space.
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A hearing of the Federal Financial Institutions Examination Council’s Appraisal Subcommittee covered gaps in appraisal training and the lack of appraisers in rural areas.
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The Federal Emergency Management Agency said debt for the flood insurance program is currently costing $309 million in semiannual interest payments, which could be utilized on disaster operations.
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Mr. Cooper is working on an MSR fund with institutional investors, with plans for the nonbank to handle subservicing, while Rithm Capital is still planning a spinoff of its mortgage unit despite the tough market.
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People’s Bank of Commerce and First National Bank of Long Island have shuttered mortgage lending businesses due to rising rates and stiffer competition from nonbanks.
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Only 6% of mortgage holders who expect to stay in their current home longer than anticipated attributed the decision to their low mortgage rate.
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