How far can lenders push the credit box?

How far can lenders push the credit box?

Watt announcement helps, but risk keeps standards tight

Warren calls for GAO investigation of nonbank servicers

Asks GAO to review “unprecedented” growth of nonbank servicers

Freddie Mac CEO: We will help increase mortgage lending

Competition among two is still competition
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Items Tagged with 'MSRs'

ARTICLES

$1 billion in MSRs just became available

Loans backed by Fannie Mae and Ginnie Mae
Ben Lane
The portfolio features 97% fixed-rate and 100% first-lien product, a weighted average original FICO score of 716, a weighted average original loan-to-value ratio of 86%, and a weighted average interest rate of 4.53%, MountainView said.
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DFS Superintendent Lawsky accuses Ocwen of backdating borrower letters

Stock plunges; Ocwen fires back
Trey Garrison
New York Department of Financial Services Superintendent Benjamin Lawsky alleges that Ocwen Financial has been backdating potentially hundreds of thousands of letters to borrowers “likely causing them significant harm.”
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NTC study alleges up to 490,000 homeowners face inaccurate servicing records

Faulty data can be passed from servicer to servicer
Trey Garrison
National Title Clearing found that out of 2,285,665 servicing database records that were verified against the collateral file, 24,490 loans (1.07%) had significant discrepancies.
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This could happen now that mortgage rates dropped below 4%

Sterne Agee: A refi boom coming?
Trey Garrison
Housing prices continue to slow and are hopefully reaching a growth rate in line with interest rates and income growth, but now mortgage interest rates have gone below 4%. What does this mean for the industry?
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BofA beats expectations but sees declining revenue, per share value

Litigation costs, decline in originations, MSRs weigh on 3Q
Trey Garrison
Bank of America beat analyst expectations, reporting net income of $168 million for the third quarter of 2014, on top of shrinking revenues driven by decline in originations and mortgage servicing rights, among other factors.
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Bank of America finds buyer for Countrywide subprime MSRs

RMBS ratings unaffected
Ben Lane
It looks as though Bank of America is ready to push past Benjamin Lawsky’s supposed freeze of the legacy MSR market with a transfer of legacy MSRs to Select Portfolio Servicing, according to a note from Moody’s Investors Service.
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Nationstar recovers from "neutral" to "buy"

Sterne Agee upgrades the nonbank
Levi Shultz
According to Nationstar’s spokesman, John Hoffman, the company became one of the largest mortgage servicers in the U.S., boasting a reverse mortgage portfolio of $28.9 billion UPB as of March 31, 2014.
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ABS East: Lawsky has legacy MSRs “at a standstill”

No significant legacy MSR transfers since NYDFS froze Ocwen deal
Ben Lane
During a panel at ABS East, a massive conference on the securitization and secondary market taking place this week in Miami, one panelist said that the MSRs on the loans that make up the pre-crash residential mortgage-backed securitizations are “at a standstill,” without an end in sight.
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Fitch: Rise of nonbank servicers threatens private-label RMBS

Top five nonbank servicers now handle 64% of all private-label securities
Ben Lane
The rise of nonbanks presents heightened risks to investors, Fitch Ratings said in a new report. “In contrast to large commercial bank servicers, most nonbank servicers, including most of the current top five, have a weaker financial profile and are currently rated non-investment grade or are not publicly rated by Fitch.”
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$835 million in bulk MSRs coming to market

Market continues to be considerably unfrozen
Ben Lane
"It’s an exceptionally clean GNMA portfolio, with a very low coupon and low delinquencies," said Robert Wellerstein, managing director at MountainView Servicing Group. "Given the high-quality product, portfolio size and experienced seller, we expect this package to garner a lot of interest among MSR buyers."
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