October’s Servicing Transfers Sink
Servicing transfers last month tumbled from September as a result of a massive sale the previous month by the home-lending unit of Citigroup Inc.
Servicing on $13.962 billion in agency loans was transfered during October. Volume plunged from a month earlier, when the total was $25.110 billion.
September’s volume was inflated by CitiMortgage Inc.’s transfer of servicing on $12.110 billion
in Freddie Mac loans to New Residential Mortgage LLC.
October’s biggest transaction
was a $2.975 billion portfolio of Freddie Mac loans that was transferred to PNC Bank, N.A., from AmeriHome Mortgage Company LLC.
The second-biggest was servicing on $2.203 billion in Freddie Mac loans from Guaranteed Rate Inc. to Fifth Third Mortgage Co.
No. 3 in October was servicing on
$1.726 billion in Ginnie Mae loans transferred to Lakeview Loan Servicing LLC from United Shore Financial Services LLC.
Coming in fourth was a $1.233 billion portfolio that was transferred to Home Point Financial Corp. from Plaza Home Mortgage Inc.