Pennymac posts $29M profit amid expense cuts, upcoming leadership changes
Company announces pending retirement of president Doug Jones, while CSO Kevin Ryan will replace Dan Perotti as CFO
Mortgage Servicing
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Subservicer benchmark survey shows 27-point gap between best, worst performers
Garrett, McAuley & Co. surveyed 53 mortgage banking firms, with composite scores ranging from 53 to 80
Village Capital settles over broken 6% VA loan rate cap
DOJ says the servicer refused rate cut requests and retaliated against those seeking relief
Proposal seeks to standardize MSR accounting for recapture values
Analysts say the change should boost transparency but is unlikely to move MSR carrying values
Fay Group acquires VanDyk Mortgage to expand conforming loan footprint
Deal brings Fannie, Freddie and Ginnie execution plus MSR book
Pennymac profit drops in Q2 as rates bite, layoffs follow
Pennymac posted Q2 net income of $22 million, down 84% YoY, as lock volume fell 18% and adjusted ROE slipped to 7%.
Newrez servicing arm sued in New Jersey over alleged RESPA violations
Homeowner alleges Shellpoint delayed loss-mitigation reviews and sent inconsistent figures while foreclosure activity continued.
FOA completes deal for Onity reverse mortgage assets, adding $5.2B in UPB
FOA will also acquire Onity’s pipeline of reverse mortgage loans, and Onity will exit the reverse mortgage originations business.
Ginnie Mae’s Joseph Gormley sounds the alarm on ‘risk-layered’ FHA portfolios
Ginnie Mae removed TPP loans from delinquency counts, expects cures to improve and ramps up loan-level transfers to boost liquidity.
PennyMac Q1 earnings: Strong mortgage production offsets weaker servicing results
PennyMac earned $82.3M in Q1, adjusted $117.7M. Production pretax income rose, while MSR hedges hit servicing.