Lots of Refinancing, So Why Are Servicers Losing Business?

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Posted To: MND NewsWire

Black Knight continues to review, in its new Mortgage Monitor , how the effects of nearly a year of lower interest rates have ricocheted throughout the industry. This month’s Monitor looks both at loan data from October and from the third quarter of 2019. Prepayments are still running at record high levels , increasing by what the company called “an eye-popping” 132 percent compared to the same time last year. The single month mortality (SMM) rate increased by double digit percentages for every one of the last 15 vintages of loans during September and October with some of the largest gains among loans originated during the housing bubble of 2005 to 2007. By product type, those loans guaranteed through GNMA (VA, FHA, USDA) once again had the highest payoff rate although they increased in October…(read more)

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