As we all know, JPMorgan Chase is the (happy) winning bidder on $70 billion of mortgage servicing rights sold by MetLife, the insurance conglomerate that entered the mortgage business at its nadir, and then pulled a Sybil and decided to get the heck out. One of these days some enterprising young reporter should do a case study on what the heck went wrong at MetLife. Its mortgage business was expanding nicely, making money, and then poof. Meanwhile, JPM won’t say what it paid for MetLife’s MSRs but the rumor mill is suggesting that it’s in the range of 65 to 85 basis points.
NOV 28, 2012
- DocMagic: Delivering 99.999% Uptime Has Positive Impact on Lender Clients
- Nationwide Title Clearing (NTC) Comments on Newly Enacted Mortgage Rules, Expects Market-Driven Effect on Company Practices
- Interthinx: Jumbo Loans Present Much Higher Fraud Risk in Recent Quarter
- Rushmore Loan Management Services Announces Approval as a Freddie Mac Seller/Servicer Company Also Receives Positive Rating from S&P
- DocMagic and Veri-Tax Deploy Automated IRS Tax Transcript Retrieval Tool for Lenders