U.S. bank and nonbank mortgage servicers are facing a tough interest-rate environment for the rest of 2016, and the U.K.’s vote to leave the European Union, known as Brexit, could add to the gloom, Fitch Ratings said Thursday.
Many of the bigger players saw their portfolios shrink in the first quarter as Treasury yields remained low and the Federal Reserve reined in rate hike expectations. Yields on benchmark 10-year Treasury notes, were most recently at 1.539% and those for the 30-year note, known as the long bond, were at 2.268%.
