Nonbank mortgage employment gets a surprise bump

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.

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How To Shop For a Mortgage 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.

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Employment in the nonbank mortgage lender and brokerage sector unexpectedly rose in February after several months of layoffs.

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Nonbank mortgage employment gets a surprise bump By Brian Collins – WASHINGTON – Employment in the nonbank mortgage lender and brokerage sector unexpectedly rose in February after several months of layoffs.

Congress should consider giving direct authority over nonbank mortgage servicers to the federal housing finance Agency, according to a report released Monday by the Government Accountability Office. The report said there should be "parity" among financial regulators in the oversight of regulated entities and third parties they do business with.