Servicing

Lower rates fuel big September refi spike

The latest refi boomlet sustained its momentum that showed up in late summer, with rate drops driving a noticeable spike in September lock volume, according to Optimal Blue.  Rate locks jumped 28.2% from August to September, the product-pricing engine platform said in its latest market advantage report, and drove its monthly market index to a […]

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Shutdown cuts off flood insurance program during storm season

A lapse in the National Flood Insurance Program because of the US government shutdown threatens to snarl home sales in the nation’s riskiest floodplains and leave some homeowners without coverage in the middle of hurricane season. Without reauthorization, the program – which counts more than 4.7 million policies providing more than $1.3 trillion in coverage

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Foreclosures tick up in Q3, signaling borrower stress

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Shutdown hampers rates, rural, HECM and niche condo loans

The lingering government shutdown has increased rate uncertainty, and cut off or curtailed some specialized mortgages while mainstream business moves forward, albeit at a slower pace in some cases. “Until key reports like payrolls and the CPI return, rates are likely to remain range-bound but vulnerable to sudden shifts,” said Sam Williamson, chief economist at

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Exclusive: CrossCountry Mortgage CEO unveils organic growth strategy

Cleveland-based CrossCountry Mortgage (CCM) has taken a different approach from competitors. Rather than pursuing mergers and acquisitions to strengthen its origination and servicing platforms, the company has focused on organic growth by acquiring mortgage servicing rights (MSRs) and building an asset management arm.   “Our servicing portfolio by year-end will be approximately $200 billion, and we’ve

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New data shows where refinance incentives are growing

A lot of market conditions have improved notably for home loans and there may be more where that came from, depending on rates and location, ICE Mortgage Technology’s latest monthly analysis shows. Home affordability is at a two-year-plus high and rate drops have exposed millions to refinance incentives, with the share of median income needed

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U.S. Bank, NCUA reach deal in Great Financial Crisis case

A yearslong legal battle between credit union regulators and U.S. Bank over mortgage securities dating back to the financial crisis is nearing a settlement, according to new court filings.   Both NCUA and U.S. Bank said they were unable to comment on the settlement. A letter dated Oct. 2 from both sides to Judge Louis

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Flagstar mortgage escrow ruling upheld by Ninth Circuit

An appellate court has ruled against Flagstar Bank in a California case which had been mentioned in connection with a New York escrow interest case heard by the U.S. Supreme Court. The ruling in Kivett v. Flagstar was the second against a bank in recent weeks. A Sept. 22 First Circuit ruling sent a similar

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MISMO releases loan data guide and AI glossary

The mortgage industry’s top trade group issued two new enhancements to help establish consistency across the loan boarding process as well as in communications surrounding artificial intelligence.  The Mortgage Industry Standards Maintenance Organization released its new loan boarding dataset, which provides a consistent data baseline to ease the path for newly originated mortgage loans to

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Pennymac and Annaly forge new mortgage servicing alliance

Annaly has formed a new partnership with Pennymac, adding another major publicly-traded nonbank mortgage company as one of its subservicers. The real-estate investment trust, which also has a subservicing partnership with Rocket Cos., will be tied in with a master purchase agreement in which Annaly will buy certain assets from Pennymac. The purchase agreement relates

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