"We are chasing mortgage servicing out of our community banks," said Rep. Jeb Hensarling, R-Texas. Photo: Bloomberg News
The legislation, sponsored by Rep. Blaine Luetkemeyer, R-Mo., would delay implementation of a provision of Basel III capital rules that establishes higher requirements on mortgage servicing rights.
Technology has enabled contact lists and borrower lead information to go digital, making paper-based address books obsolete.
Customer relationship management technology and new regulations require lenders and loan officers to re-evaluate how they manage the ownership and use of lead sheets.
Interest rates for mortgages over $417,000 have fallen 11 basis points during the past six weeks, driven by competition among banks to win the business of wealthy, less risky borrowers.
Patrick Sinks is taking the reins at MGIC as the mortgage insurer faces tougher capital standards and a more competitive field where his company is no longer No. 1.
Acquiring the technology vendor would help Altisource build a marketplace for ancillary mortgage services and reduce the company's reliance on its former parent and top client, Ocwen.
It sounds liked a great business formula: home loans soared at several megabanks last quarter after they spent months cutting thousands of jobs to save costs. But executives remain concerned about profit potential because market shifts and new regulations are making mortgage lending more expensive.
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