- An analysis of cash flow combined with continued regulatory issues has Wells Fargo cutting the nonbank mortgage servicers to Underweight from Market Weight, and Nationstar Mortgage (NYSE:NSM) and Walter Investment (WAC) cut to Underperform from Market perform.
- The team, however, keeps its Buy ratings on Home Loan Servicing (NASDAQ:HLSS) and PennyMac Financial (NYSE:PFSI).
- NSM -1.5% premarket