Servicing

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.

As part of its breakup fee, the Old Greenwich, Connecticut REIT will come away with an over 6% interest in its New York counterpart.

More than half the amount the Treasury handed down to the states got to recipients even with delays in jurisdictions like Pennsylvania.

While on the positive side, Fannie Mae CEO Priscilla Almodovar said the loan defect rate has dropped 75%, she and Freddie Mac President Michael Hutchins noted that they're closely examining disruptive servicing transfers and standards for multifamily properties.

The servicer said it entered into the consent order "without admitting any wrongdoing, to avoid the expense and distraction of litigation."

The top five banks have a combined mortgage servicing volume of more than $27 billion at the end of Q2 2023.