But when the letter first came to light one little fact was not readily known: that Devaney was also an Ocwen shareholder.

Sources note that earlier in the year, the privately held Carrington was the winning bidder on a roughly $20 billion package of Ginnie MSRs sold by BofA.

Fitch said the downgrade was tied to Green Tree’s “aggressive portfolio growth,” noting that the nonbank grew its MSR portfolio by almost three-fold over the past two years.

The CFPB amendments cover nine primary topics, including force-placed insurance and loss mitigation...

Although Ocwen is out of compliance with the NYSE, it continues to sell mortgage servicing rights. Late Monday it disclosed a $25 billion MSR sale to Nationstar.

Eric Rosenzweig, principal at Stone Point Capital, sees many business plans from people who want to get into the non-qualified-mortgage space.

"There was a deal, but it went by the boards," said one source close to the servicer.

CFPB Updates TRID Documentation. Last week, the CFPB put out some updates to the implementation materials for its integrated disclosure rule under the Truth in Lending Act and the Real Estate Settlement Procedures Act. The updated material lines up with the rule that was published Feb. 19, 2015, that modifies the 2013 TILA/RESPA integrated disclosure rule (TRID). This rule extends the timing requirement for revised disclosures when consumers lock a rate or extend a rate lock after the Loan Estimate is provided and permits certain language related to construction loans for transactions involving new construction on the LE. Additionally, the bureau is making non-substantive corrections, including citation and cross-reference updates and wording changes for clarification purposes, to various provisions of ...

The CFPB issued a formal notice and request for information on how the credit card market is functioning and the effect credit card protections are having on both issuers and consumers. As per the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act, the CFPB is required to conduct a review of the consumer credit market every two years. Among its focal points, the bureau wants to know how the terms and conditions of credit card agreements have changed since it conducted its review of the credit card market two years ago. “The bureau is looking to see how card issuers may have changed their pricing, marketing, underwriting, or other practices and whether those changes have benefited or harmed consumers,” the ...

The CFPB’s latest Supervisory Highlights report identified a number of issues observed during examinations related to mortgage origination, fair lending, consumer reporting, debt collection, and deposits. “In one or more examinations, examiners found that branch managers were loan originators and owners of related marketing services entities,” the report said. Examiners “found instances of improperly allocated expenses on branch income statements which resulted in marketing services entities receiving income based on the profitability of retail loans originated by branch managers. Consequently, branch managers, as owners of the marketing services entities, received compensation based on the terms of transactions originated by the branch managers themselves.” In these cases, bureau examiners directed that compensation to loan originators based on a term of a ...