Servicing

Nonbank lenders saw production income surge, returning to the black for the first time in three quarters, according to the Mortgage Bankers Association.

Borrowers affected by the blazes are also reeling from homeowners insurance woes, contractor shortages and inflation making rebuilding difficult.

The tests modeled how Fannie Mae and Freddie Mac would fare after absorbing losses like a total $36.1 billion provision in credit losses in a severe downturn.

The since-defunct lender, which was purchased by Newrez in 2021, agreed to pay a $1.8 million penalty and has refunded over $550,000 to borrowers.

While overall performance looks solid, the data shows the weight of economic concerns may be weighing on some borrowers, the Mortgage Bankers Association said.

Fannie Mae has issued guidelines for how mortgage companies should apply temporary buydown funds in workout situations and clarified notification requirements.

Between rising home costs and the end of mortgage relief programs, many homeowners are struggling to stay above water, especially in the South and West.

Whittemore and his team are working to help the company handle both growth and diverse loan types, including non-QM, RPLs and NPLs.

New insurance written at the six private mortgage insurers increased by only 2% year-over-year, a sign of the sluggish home sales market at the low end.

The settlement resolves legacy allegations the state attorney general made about how the company handled mortgages before changing its role.