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Servicing

MBA urges GSEs to end costly tri-merge credit reports

Credit, Credit scores, Originations, Politics and policy, Secondary markets, Servicing /

The Mortgage Bankers Association announced Wednesday that its Residential Board of Governors has passed a resolution calling for two influential government-sponsored enterprises to end their requirements for tri-merged credit reports. The move follows FHFA’s decision to allow score competition without changing tri-merge rules, and MBA’s earlier plan to explore the viability of using a single […]

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Looser underwriting boosts serious default risk in 1Q25

Distressed, Economy, Servicing, Underwriting /

Some loosening in mortgage underwriting contributed to the 8-basis-point quarter-to-quarter increase in the Milliman Mortgage Default Index. This measurement is an estimate of the lifetime serious delinquency rate, which Milliman defines as loans for which the borrower is 180 or more days late on their payments. It looks at loans acquired by the government-sponsored enterprises

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Ginnie Mae executive Joe Gormley nominated as president

Capital markets, Ginnie Mae, Secondary markets, Servicing /

Ginnie Mae, a government corporation with the Department of Housing and Urban Development that protects funding for many U.S. mortgage loans, finally has a nominee for its long-vacant post of president. The Senate received the nomination of Joseph Gormley as Ginnie Mae president over the weekend and referred it to the Committee on Banking, Housing

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Senators propose natural-disaster mortgage relief bill

Climate Change, Politics and policy, Servicing, Wildfires /

Lawmakers from two wildfire-stricken states put forth a new Senate bill that would mandate mortgage relief for homeowners in the aftermath of natural disasters.  Sens. Adam Schiff, D-Calif. and Michael Bennet, D-Colo. introduced the Mortgage Relief for Disaster Survivors Act this week aimed at alleviating homeowners’ financial hardship after an extreme weather event. The bill

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Rocket profitable in Q2 in spite of weak spring market

Earnings, M&A, Originations, Rocket Mortgage, Servicing /

Rocket Cos. returned to profitability in the second quarter even with a Spring home sales market which started off poorly, but has been gaining momentum month-by-month that should continue beyond September, company management said. During the quarter, the company reported net income of $34 million. This compared with a first quarter loss of $212 million.

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ICE plans upgrades to improve mortgage securities trading

Earnings, Mortgage technology, Originations, Servicing /

​​Intercontinental Exchange touted Encompass wins in the second quarter and revealed coming technology upgrades that it expects to enhance mortgage bond trading in its latest earnings call.     The company’s mortgage technology unit reported growth on both a quarterly and annual basis, with operating income coming in at $11 million in the second quarter. Operating margin

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VA foreclosure prevention bill signed into law by Trump

Foreclosures, Politics and policy, Servicing, The VA /

A rule establishing permanent foreclosure protection measures for Department of Veteran Affairs borrowers was signed into law by President Donald Trump Wednesday, after a previous iteration of a federal servicing program expired earlier this year. The VA Home Loan Program Reform Act, which was introduced by Rep. Derrick Van Orden R-Wis., aligns servicing guidelines with

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Underwater mortgages post uptick from year-ago levels

Distressed, Housing markets, Servicing /

While Attom’s recent quarterly numbers for the share of underwater mortgages show improvement in the near term, the percentage is running higher than it was a year ago, revealing regions with stress. The share of seriously underwater loans relative to all outstanding mortgages stood at 2.7% at the close of the second quarter, according to

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Mortgage REIT Two weathers volatility and legal costs

Earnings, Law and legal issues, Originations, Secondary markets, Servicing /

Two, an investor and originator/servicer, recorded anticipated expenses from a dispute with a former external manager that weighed down second-quarter earnings as it navigated secondary market disruption. The real estate investment trust and owner of Roundpoint Mortgage Servicing reported a more than $270 million net loss to common shareholders (over $257 million including preferred and

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