Servicing

With the landmark Supreme Court decision overturning Chevron USA v. National Resources Defense Council, much of the rule making by the Federal Reserve Board, the SEC, HUD and other agencies is now open to attack, writes the Chairman of Whalen Global Advisors.

A planned update to the core Reg X servicing rule is needed but the industry wants more time to eye it with several new proposals pending in an election year.

Gow's addition is the latest major leadership development at the firm, which also named a new chairman and CEO this year but saw the recent departure of its chief technology officer.

The proposal would add reforms aimed at broadly prioritizing owner-occupant access and end the "test" or "demonstration" mode these sales have been in since 2002.

Further efficiencies could aid servicers, and improved performance may be a reason for lenders to open the credit box, experts at an Urban Institute event said.

The Congressional Budget Office acknowledged limitations in its research of expected flood damage data.

A Rocket Mortgage securitization is the first private investor deal with a high share of e-notes, and the company is considering use with another loan product type.

Property insurance and taxes account for over one-third of current loan performance risk, according to Auction.com's recent survey of default servicing leaders.

Second quarter margins at the three big banks were lower versus three months' prior, missing Keefe, Bruyette & Woods expectations of a flat comparison.

On the whole, foreclosure times are back where they were before the pandemic, but in one state the average is over 10 years, according to Attom's latest data.