Volume 2014 - Number 4
February 14, 2014
Delays Common on Nonbank Servicing Transfers
Ocwen Financial announced last week that its purchase of mortgage servicing rights from Wells Fargo is on indefinite hold due to a request from the New York Department of Financial Services. While some have suggested that the deal for servicing on mortgages with an unpaid principal balance of $39.2 billion wont be completed, officials at nonbanks note that delays on servicing transfers due to third parties are common. In recent years, the time required to fulfill contractual conditions from initial closing ...
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