A Newrez spinoff is temporarily off the table, as its parent company focuses on maximizing the mortgage lender’s value to support the overall business, Rithm Capital leaders said in its latest earnings call. After reproposing the idea of a Newrez public listing two years ago, company leaders said optimizing its earnings potential for Rithm would […]
Newrez spinoff delayed as Rithm eyes growth Read More »
Private flood insurance use rose notably in recent years as utilization of federal coverage inched down due to adjustments to public programs that have included more latitude in the mortgage sector. Over the last four years, private coverage grew 20% while public policies the National Flood Insurance Program offers receded by 2%, according to a
Private flood insurance growing as federal coverage recedes Read More »
The New York Supreme Court has weighed in on a contractual dilemma Wells Fargo has reportedly faced as a residential mortgage-backed securities trustee with a responsibility to oversee investor payment distributions impacted by unforeseen policy changes. A judge has ruled on how trustees and servicers should handle forborne principal from loans in the now-defunct Home
New ruling answers legacy mortgage bond servicing question Read More »
Customer satisfaction with mortgage servicers has plummeted this year, with an average satisfaction score that’s now much lower than the typical score for mortgage originators. That’s according to J.D. Power‘s 2025 U.S. Mortgage Servicer Satisfaction Study, released onThursday. J.D. Power said the gap comes down to communication and service. While 30-year mortgage rates remain high
Customer satisfaction with mortgage servicers is fading Read More »
For the first time, J.D. Power is comparing trends it sees in mortgage servicer customer satisfaction scores with what’s happening on the originator side. This analysis is telling of a business going in two different directions. While the latest originator survey, released in November, found a 3-point year-over-year drop, the industry average was still a
Servicers lag originators in J.D. Power scores Read More »
Foreclosure auction activity hit a two-year high on the back of a major jump in repossessions for Veterans Affairs-backed loans, a new report from Auction.com found. Auction activity rose 19% year-over-year, according to the report, led by a 428% jump in foreclosure sales on VA-backed loans. The report cited the Federal government ending a VA
Foreclosure auctions spike, but bidders hold off on buying Read More »
Mr. Cooper Group on Tuesday recorded mixed earnings for the second quarter that fell short of matching year-ago results and consensus estimates but were considerably stronger than the bottom line in the previous fiscal period. Servicing, including a $30 million mark net of hedges, was the key driver of the second-quarter’s $198 million profit. That
Mr. Cooper profit rises with Rocket deal in focus Read More »
PennyMac Financial Services Inc. (PFSI) on Tuesday reported net income of $136.5 million for Q2 2025 on revenue of $444.7 million, which executives attributed to big strides made in the broker channel and a servicing portfolio that has surpassed $700 billion UPB. During the earnings call, CEO and Chairman David Spector commented that PennyMac was experiencing
PennyMac, the top dog in correspondent, says its broker business is booming Read More »
Seattle-based HomeStreet Bank has agreed to sell its $794 million Ginnie Mae loan servicing portfolio to an undisclosed “experienced” buyer, the company announced in a regulatory filing. The transaction is scheduled to close on August 1. “As HomeStreet carried this servicing portfolio at current market value at June 30, 2025, no gain or loss is
HomeStreet to sell $794M in Ginnie Mae MSRs Read More »
Rithm Capital’s investor lending operations will get a financial boost thanks to a new partnership to help fund the purchase of over $1 billion worth of loans. The New York-based real estate investment trust announced it had reached an agreement with an unnamed “large institutional investor” to fund the acquisition of up to $500 million
Rithm Capital inks $1.5B deal for investor loans Read More »