Doctor: “Sir, I have some bad news, I’m afraid your DNA is backwards.” Me: “and?” If you don’t like bad news, skip this opening paragraph. If you want some reality, read on. First off, U.S. home foreclosures are accelerating: filings rose 26 percent year-over-year in Q1 2026, to roughly 119k, the highest in six years. It’s expensive to own a home! The last time they hit this level (early 2020), government relief programs and pandemic stimulus caused them to decline. As everyo

The MBA's National Advocacy Conference in DC wrapped up this week, and any time you have a gaggle of mortgage personnel in one place, talk in the hallways inevitably turned to current market conditions. For example, servicing rights have increased in value, and MSR trading multiples are in the mid 5x range for certain cohorts (markedly higher than the 4x1 value where it was for years), depending on asset mix, recapture assumptions, and servicing execution. Servicing portfolio