One executive familiar with PHH Mortgage said he anticipates that other senior officers may leave shortly. The firm's departing CAO was with the lender for just over a year.
Little else is known about Commerce. The press statement notes that the lender has a “vision of moving forward with a reviving market by offering products backed by a team of professionals with the upmost integrity and knowledge of the industry.”
According to a new research note from Sterne Agee, 65 percent of Altisource’s reported revenue is tied to Ocwen or Ocwen-related companies. “This is a highly symbiotic relationship," writes Stern Agee analyst Henry Coffey.
Nonbanks owned servicing rights on $1.136 trillion of securitized mortgages at the beginning of 2010, a figure that has swelled to $1.906 trillion as of the end of last year.
According to exclusive figures compiled by Inside Mortgage Finance, almost 85 different lenders made FHA mortgages in 2013 that had FICOs of less than 550.
The agency debuted its scorecard in early March 2012 under then FHFA Acting Director Edward DeMarco as a means to implement in fuller detail the Finance Agency’s “strategic plan” for a post-Fannie Mae and Freddie Mac secondary market.
Bank of America, which is among the 18 original defendants, has not yet settled and faces the largest liability because of its ownership of Countrywide Financial Corp. and Merrill Lynch.
Under the proposed rule, participating states would require that an AMC register in the state and be subject to its supervision. Only state-certified or licensed appraisers would be allowed to participate in federally related transactions, such as the closing of a home mortgage.
There has been some speculation that DeMarco might want the CSP CEO job, which pays in the range of $400,000. But many sources we talked to doubt it will happen.
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