A recently published report by the Financial Stability Oversight Council (FSOC) identified vulnerabilities at nonbank mortgage servicers that pose risks to financial stability. It recommended increased regulation and initiatives to improve these companies’ liquidity during moments of stress, but mortgage trade groups have different reactions to the proposals. 

The attention on nonbank mortgage companies have increased since their expansion following the financial crisis of the late 2000s. In 2022, they originated nearly two-thirds of mortgages, compared to 38% in 2008. Meanwhile, they owned servicing rights on 54% of mortgage balances in 2022, up from 4% in 2008. In addition, nonbanks details ⇒

BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com