Servicing

The customers were affected by an incident involving a Progress Software program used by Sovos Compliance.

The government-sponsored enterprises have consistently earmarked some distressed loans for community, nonprofit and minority investors. Certain Democrats want more.

While a majority of current forborne borrowers sought relief for reasons related to COVID-19, servicers are seeing a growing share of cases involving natural disasters or personal financial issues, the Mortgage Bankers Association said.

Repossessions registered both monthly and annual increases, though, according to Attom.

But its operating income missed estimates with servicing income and gain-on-sale margins coming in lower than expected.

The turnaround was due to a $42 million positive servicing mark. Even with the operating loss, it beat estimates.

The mortgage company was able to move a lot closer to its goal to become a $1 trillion servicer with the expiration of the final tender offer and closing of the deal.

But mortgage numbers remain historically very low and fall short of pre-pandemic levels, according to VantageScore's latest monthly report.

Consumer advocates are protesting specific risk-weighting changes affecting borrowers with lower down payments. Also, a broader increase in requirements may discourage depository holdings of servicing.

All of the company's fair value gains in its portfolio during the quarter were wiped out by a larger loss from hedging activities.

But the volume of activity for distressed properties is still lower than the historic norms, Attom Data Solutions said.

After a Supreme Court ruling, forgiveness for education debt looks unlikely but some of those exiting forbearance for it get a year-long break on credit and fees that could be helpful.

The payment supplement partial claim the Federal Housing Administration proposed could be effective but not as is, according to the Mortgage Bankers Association and two other groups.

The watchdog claims that during internal testing, the company illegally processed $2.3 billion in mortgage payments.

Over one-third of the struggling borrowers who received recast loan terms in the first quarter cut their monthly obligation by 20% or more.

The Consumer Financial Protection Bureau decided to move forward with its proposal based on feedback to an earlier request for input.

The Treasury has added Property Assessed Clean Energy financing for solar panels and the like to the list of approved expenses that states could authorize.

But activity is still very low, as just 1% of the market is in the position to refinance thanks to high interest rates, Keefe, Bruyette & Woods said.

But when compared past periods of upheaval, those rates remain relatively low, the Mortgage Bankers Association report showed.

Citing "changing market dynamics," the company announced it will exit mortgage lending this summer.