Hints and tips:
...ICE obtained control of mortgage data repository MERS in 2016 and bought loan origination platform Ellie Mae for $11bn in 2020....
...Black Knight provides data on areas including bankruptcy and loan servicing to lenders. The deal gives the Florida-based company a $16bn enterprise value....
...For example, in the first quarter of this year PennyMac earned $224m in Ginnie servicing revenues, and Freedom Mortgage Corp raked in $234m....
...But unprecedented western sanctions aimed at cutting off Russia from the global financial system have sent the country’s markets into freefall and complicated the process of servicing debts....
...Brazil’s environment minister resigns Nicknamed Brazil’s “anti-environment minister” by opponents, Ricardo Salles announced his surprise resignation yesterday....
...This dwarfs the $190m that ICE’s existing mortgage-servicing business is forecast to pull in....
...“We need to come up with financing that is afforded to all of the servicing community.”...
...US officials have told mortgage holders that they can take a 90-day holiday from servicing loans without facing any penalties....
...Total assets of federally supported housing finance entities Fannie Mae ($3.5tn), Freddie Mac ($2.2tn) and Ginnie Mae ($2tn) are close to the total government debt of France, Germany and Italy....
...Most lenders sell the loans they originate on to the government-backed agencies Freddie Mack and Fannie Mae, who insure them and sell them on to bondholders....
...The machine is kept running smoothly by mortgage servicing companies....
...Servicing could also consolidate, especially for sectors such as Ginnie Mae [government guaranteed] loans, which are more costly to service. We will fix this but who will survive?”...
...MERS was created in 1995 to track changes in loan ownership and servicing rights, making it easier for loans to change hands among its 5,000 members....
...All three banks generate highly profitable fee revenue by originating and servicing mortgages, which is shrinking....
...The US bank is selling servicing rights, which involves chasing late payments and dealing with administration, on about 780,000 mortgages backed by Fannie Mae and Freddie Mac....
...Granted, standards in nonprime are generally looser than those that apply to mortgages eligible to be bought by government agencies such as Fannie Mae....
...There are other minefields in the mortgage servicing rights trade, particularly in the market for Ginnie Mae mortgages....
...servicing delinquent loans, among other factors....
...Better is now producing about $65m of loans a month through its online platform, flipping the loans on to about 20 investors including Fannie Mae, the government-backed mortgage company....
...He said that administrative changes seem likely to prevail over legislative changes, noting that since 2008 the FHFA has introduced new private insurance rules, new servicing standards, the creation of a...
...RCO priced a $43m floating rate bond backed by loans originated by Citadel Servicing Corporation, in which investors are protected from the first 23 per cent of losses....
...The deal involves servicing rights for 260,000 mortgages owned by government-supported Fannie Mae, and will bring JPMorgan’s portfolio for overseeing billing, collections and foreclosures on US mortgages...
...Navient Corp, the largest student loan servicing company in the US, gave a glimpse into worsening trends in the $1.2tn market as it reported a 40 per cent drop in profits due to a big rise in provisions...
...In May, Fannie Mae and Freddie Mac, the government-controlled mortgage buyers, strengthened standards on non-banks servicing mortgages....
...As legal expenses rose this quarter, the cost of servicing legacy real estate loans fell by $1bn from a year ago to $1.6bn....
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