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Home price gains have caused borrowers to turn to second liens to access cash for home improvement or other needs as higher interest rates damp first lien originations.
"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.
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.
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