Origination services and default management services are the fastest-growing segment of mortgage processing services, according to NelsonHall, a Boston-based firm specializing in the analysis of business process outsourcing.In a research report titled "Mortgage BPO Industry Assessment and Forecast," the firm said customers want mortgage BPO vendors to help them convert fixed costs to variable costs in order to deal with fluctuating volumes. The research also found that mortgage BPO contracts are typically limited to one of four service areas (origination, servicing, default management, and securitization) in the United States, while such contracts usually cover multiple service areas outside the United States. "Vendors need to be able to manage rapid scaling of work force size and still maintain and increase worker knowledge of increasingly complex mortgage products," said NelsonHall research director Andy Efstathiou, citing another finding. The study also found that risk control and reduction are growing in importance, and mortgage BPO involves little offshoring of services, but offshoring is growing faster than the market as a whole. The company can be found online at http://www.nelson-hall.com.
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In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
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The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
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But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
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The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
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The tool will provide helpful HELOC-related information to customer support staff to streamline the application process, Figure said Thursday.
April 18