Servicing

Servicers are encouraged to put foreclosures on hold in several circumstances involving the state-distributed housing relief, but they’ll need to request extensions of their normal timelines to do it.

The sale of its correspondent business to Planet Home Lending, divestment in a reverse mortgage lender, Longbridge Financial, and the outsourcing of mortgage servicing rights all reinforce its focus on wholesale, company management said.

The 36% consecutive-month drop could mark the start of a period in which a small wave of financially distressed homeowners sell their homes through alternative means, according to Attom Data Solutions.

The portfolio of cash-flows from monthly mortgage payments is on the higher end of a wide range of deals seen in the market this year.

The company earned $453.3 million, inclusive of a $172 million increase in the fair value of its mortgage servicing rights, but future originations and revenue are expected to decline while it plans to continue challenging market rivals on pricing.

New insurance written during the first quarter slipped by 20% from the prior three months and by 30% year-over-year, yet five companies had higher income than in the fourth quarter and all six earned more money than in the first quarter 2021.

Fraud experts are concerned that credit washing, in which borrowers make false claims about being victims of identity theft, is making its way into mortgages from other forms of lending.

It will soon become mandatory to give consumers, nonprofits and governmental entities first crack at homes sold through the claims without conveyance of title process for 30 days.

But company officials warned slimmer margins and a slowing market would lead to staff reductions.

The servicing segment's pretax income was almost 80% higher than the fourth quarter, offsetting a more than 90% decline for the production business.