Servicing

Two vendors have added non-agency mortgage and co-issue servicing sales respectively, and a government agency has confirmed that it's working on overcoming a hurdle to more scalable eNote use.

A trade group expert called this "sobering news," given that the third quarter is generally the strongest of the year for the industry.

But an executive at the mortgage company's corporate parent feels the agency, which is facing a court challenge to its funding, is engaging in regulatory overreach.

Home prices in many areas have peaked and the equity cushion that has bolstered loan performance is starting to erode, but some think damage will be limited.

The gain of 3 percentage points in 2022 reinforced industry calls for the agency's mortgage insurance premium to be slashed when the current fiscal year federal budgeting process is completed.

The government mortgage-bond insurer's requirements that restrict investor involvement are likely the greatest challenge to finding more purchasers of MSRs, experts said at a servicing conference Monday.

If rights holders have to sell these assets because of the Ginnie Mae capital rule, it will increase rates for lower income consumers.

The company experienced further declines in production volume but reported an intra-quarter improvement in its gain on the sale of loans.

But the likelihood of a recession and higher unemployment should drive the rate higher in the future, the Mortgage Bankers Association said.

Other firms disclosing cuts in Worker Adjustment and Retraining Notifications include American Advisors Group and Pennymac.