Nonbank mortgage employment gets a surprise bump

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"What you really have is a re-democratization of the mortgage industry away from the Big Five banks who just a few years ago had a 75% share of the mortgage market." Mortgage bankers were once a major force in lending up through the 1990s, when the five largest banks started picking up more market share.

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Last month, Citigroup announced plans to exit the mortgage servicing business and sell off a $97 billion portfolio to a non-bank servicer and transfer their remaining mortgage servicing rights (MSRs) to another non-bank servicer by early 2018. Thus continues the trend of non-bank mortgage servicers capturing more market share year over year than their bank competition.

nonbank servicer is typically avoided by transferring servicing rights to a financially sound servicer,1 thus ensuring continued collection of mortgage payments from borrowers and uninterrupted remittance of principal and interest (P&I) to mortgage-backed securities (MBS) investors.

Brian Collins covers the housing and mortgage market, including the Federal Housing Administration and the Department of Housing and Urban Development. A reporter with more than two decades of experience, Brian has covered the savings and loan crisis, subprime mortgage debacle and the fall of Fannie Mae and Freddie Mac.

Mortgage-related business closings have not been this low since 2006, the year before the subprime crisis when just 31 closings took place. In 2007, 167 mortgage-related businesses shut their doors, most of them nonbank entities, and the sector has continued to see heightened volumes of closures each year since then.

People on the move: Jan. 25 Updated Jan 29, 2010, 5:00am EST The weekly roundup of senior-level executive appointments in Greater Washington. For more People on the Move, check out the Washington Business Journal’s print.

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Credit card lenders are seeing some of the highest delinquency rates in years.

If we have to be carded for something, the birth dates of our ID cards are guaranteed to elicit surprise. And it’s almost always. I’m back to receiving the same kind of treatment everyone else gets.

After the 2007-2009 financial crisis, an increase in delinquent loans and other factors led some banks to exit the mortgage servicing business and created opportunities for increased participation by nonbank entities. GAO was asked to study the effects of the growth of nonbank servicers in the mortgage market.

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