![]() We’re not necessarily willing to pay any type of premium just through an M&A transaction rather than just buying in the open market. “And, you know, we’re active in that space. “Some things that could be interesting could be MSR portfolios,” Jay Farner, Rocket’s CEO, who is leaving the company, told analysts. The transaction will ultimately result in the seller shutting down operations.ĭespite the MSR sale, Rocket’s executives hinted at buying servicing portfolios in a call with analysts several weeks ago. Cooper, which had $853 billion in UPB at the end of March, will inherit Home Point’s $84 billion servicing portfolio as part of its acquisition of the struggling company for $324 million in cash. Cooper won this deal, sources told HousingWire. Wells Fargo recently put an MSR portfolio worth roughly $50 billion up for auction related to its exit from the correspondent channel and a plan to drastically reduce its servicing portfolio. Rocket’s transaction follows the sale of billions in MSRs this year in the secondary market. And in other categories with lower lifetime value, let’s let somebody else service those.” And if we have categories of loans that we believe have a higher lifetime value, we want to service those we want to do retention on those. “We look at what we call the lifetime value of the client. We’ve also sold billions,” Banfield said. “My team, over the last couple of years, bought billions of dollars of MSRs. In an interview with HousingWire in early May, Bill Banfield, Rocket’s executive vice president of capital markets, said Rocket retains “almost all” of its loans to service borrowers. Sign in with your Rocket Mortgage username and password. Several borrowers took to social media this week to opine about the change in servicing to JPMorgan Chase, which will be effective June 1. Make a payment on your mortgage and manage your account online. Between the acquisition of First Republic Bank and the purchase of Rocket’s MSRs, JPMorgan Chase has acquired approximately $126 billion worth of MSRs in the last two months. Located in downtown Cleveland, the Rocket Mortgage FieldHouse is an expansive 152,970 sq ft arena. JPMorgan Chase, which likely surpassed Wells Fargo as America’s largest mortgage servicer last month, declined to comment. The spokesperson did not provide additional details on loan type or characteristics. Nations 1 FinTech mortgage lender, Quicken Loans, releases cutting-edge Rocket Mortgage Skill for Amazon Alexa, allowing clients to check mortgage rates. “In April, Rocket Mortgage made a small MSR sale, representing roughly 4% of the company’s servicing book,” a company spokesperson wrote in a statement to HousingWire.
2 Comments
|
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |