Servicing

The acquisition of the mortgage servicer has costs, but it'll give the company offsetting efficiencies of scale, executives said in an earnings call Tuesday.

The latest increase marks the seventh straight quarterly rise, per an Attom report.

The number of sellers it works with in the correspondent channel has grown due to pending capital requirements affecting larger depositories' interest in loans.

The company posted third-quarter profits of $194 million but gave no details about a potential split of its mortgage business.

The company took another net loss but some of its numbers improved as it slashed expenses and prospects improved for distressed loan services.

At the same time, the 15-year fixed rate loan rose above 7% for the first time in nearly 23 years, Freddie Mac reported.

News of President Chris Marshall's planned departure at year-end 2024 came amid reports of net servicing gains and the start of a capital raise for an MSR fund.

Mortgage borrowers alleged in U.S. District Court that the servicer applied funds in the wrong order and charged unnecessary interest.

The top five servicers that are depositories have a combined unpaid principal balance of more than $1.89 trillion at the end of Q2 2023.

Loans more than 90 days past due increased for the first time this year in September, according to ICE Mortgage Technology.