Ocwen, which in the past has been sanctioned by regulators for some of it servicing practices, also disclosed $10.0 million of additional reserves for a potential California regulatory settlement and $7.0 million of incremental reserves for a previously disclosed letter dating issue.
The higher purchase-money estimate – released at the MBA annual in Boston – is predicated on stronger household formations coupled with employment growth and rising wages.
Ginnie Mae President Ted Tozer noted that investor participation “depends, in part, on a level of confidence that investment returns can be expected to be reasonably aligned with market conditions.”
The ICBA noted that community banks have invested heavily in complying with the disclosure rules, but the complexity of the requirements has made it inevitable that some will be found non-compliant.
“Agency MBS prepayment speeds slowed in September, but they still hover near the multi-year highs reached last month,” according to a report from Keefe, Bruyette & Woods.
RSS