Top markets for affordable renovated housing inventory

Despite the rapidly deteriorating affordability, there is some hope for homebuyers in the form of renovated homes: properties that have been rehabbed into move-in ready condition after being purchased at auction.

HousingWire Magazine: December 2021/ January 2022

AS WE ENTER A NEW YEAR, let’s look at some of the events that we can look forward to in 2022. But what about what’s next for the housing industry?

Mortgage Tech Virtual Demo Day

Tune in to our live Virtual Demo Day on December 1st at 10am CT to experience demos from the most innovative tech companies in the Servicing, Audit and Post-Close space.

Logan Mohtashami on Omicron and pending home sales

In this episode of HousingWire Daily, Logan Mohtashami discusses how the new COVID variant, Omicron, will impact inflation and whether or not it will send mortgage rates lower.

Mortgage

CitiMortgage exits mortgage servicing business

Nationstar anticipates subservicing up to $97 billion

Nationstar Mortgage Holdings announced today that it entered into a subservicing agreement with New Residential Mortgage, a wholly owned subsidiary of New Residential Investment, a leading investor in mortgage servicing related assets.

Nationstar anticipates subservicing up to $97 billion UPB mortgage loans underlying the mortgage servicing rights that New Residential agreed to purchase from CitiMortgage.

Several reports say this will end mortgage servicing for Citi. Further, these mortgages are backed by Fannie Mae and Freddie Mac. As such, the deal will require approval from the regulator, the Federal Housing Finance Agency.

"This announcement further demonstrates Nationstar’s role as a leading subservicing provider to the residential mortgage servicing market. We look forward to welcoming over 750,000 customers to Nationstar, and believe our strategic relationship with New Residential will create meaningful value for these customers and our shareholders,” said Jay Bray, Chairman and Chief Executive Officer of Nationstar, said in a statement.

Nationstar expects the MSRs to board beginning in the second quarter of this year and continue boarding throughout 2017. 

The announcement is in lockstep with the big bank gradually exiting the mortgage business.

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3d rendering of a row of luxury townhouses along a street

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