Servicing

At current levels, outstanding forbearance could fall to one-fourth of its high by next month, Black Knight’s data suggests.

The Department of Housing and Urban Development increased the share of reverse mortgage assets it will give community organizations a first crack at, in line with goals of the Biden administration.

Critical defects fell as well, but the percentage that are related to income or employment concerns set a new record, surpassing the one set in the second quarter of last year.

Fitch Ratings’ second quarter numbers suggest even those facing some of the highest repayment hurdles may have been motivated enough by economic improvement to exit before many expirations were due.

Elizabeth Warren asked the Federal Reserve this week to force the spinoff of the bank’s nonbanking operations. Wells, which was recently hit with another $250 million fine, countered that it has made significant progress in improving its risk management and addressing misconduct.

The number of borrowers leaving plans outweighed a smaller uptick in new requests and re-entries.

The move suggests the government bond insurer doesn’t expect to see loan performance return to normal levels until next summer.

Notable drops were seen across all investor categories, led by declines in portfolio and private label loans.

The industry veteran will be responsible for a division with a mortgage portfolio of almost $1.1 trillion in unpaid balances.

The Office of the Comptroller of the Currency slammed the scandal-plagued bank for violating a 2018 consent order and for problems with loss mitigation practices in its home lending division. The bank will also be restricted from acquiring certain residential mortgage servicing rights.