As I noted in a recent column, the residential servicing business is about to get a lot more interesting — especially in the wake of Basel III deciding that mortgage servicing rights can only count for 10% of capital. (Regulators are allowing for a multi-year phase-in period.) Anyway, rumors are starting to spread that a large "outside" player is eyeing a major splash into MSRs with a goal of eventually amassing $500 billion in servicing rights. We shall see…
Sen. Elizabeth Warren and other senators sent a letter to six insurers challenging their use credit-based insurance scores to determine risk-based pricing.
The reverse mortgage lender's net income fell 136% from $80 million year over year in the second quarter, but still increased funded volume by 21%.
The lender's loss shrank to $6.6 million, but a rate-driven servicing valuation gain drove much of it as adjusted losses widened annually.
Lenders reported July declines of HECM endorsements and new securities issuances, but proprietary lending drove a 28% year-over-year surge in originations.
The real-estate investment trust affiliate has been focusing on making more funding available for new loans but also seeks to hold the line on credit quality.
Opponents argued that Provident Bank, which bought Lakeland in 2024, had yet to disburse millions of dollars remaining on a mortgage subsidy fund.
