Ocwen founder Bill Erbey said agreements between the nonbank servicer and firms it has spun off have been fully disclosed and the relationships operate on an arm’s length basis.
Lenders leaned more heavily on their own internal production capacity during 2013, but third-party originations staged a modest rebound during the fourth quarter, according to a new ranking and analysis by Inside Mortgage Finance. Retail loan production -- including consumer direct, refinance business through the servicing unit and old-fashioned marketing through real estate agents and brokers -- accounted for 62.1 percent of total originations last year. That was the highest retail market share since Inside Mortgage Finance began estimating channel production figures back in 1994. The retail share of new production declined...[Includes five data charts]
Walter Investment, the parent of Green Tree, said it anticipates meeting with the regulator in the near future to get a better understanding of its concerns and to see if the matter can be resolved.
The retail share of new residential originations declined slightly, to 60 percent, in the fourth quarter after climbing steadily during the first nine months of the year.
The SEC’s Division of Corporation Finance this week suggested a change to proposed Reg AB2 disclosure requirements in an effort to protect the privacy of borrowers whose loans are included in MBS and ABS.
In a heavily redacted draft memo released to the public, the Inspector General of FHFA found that while the agency had reviewed and examined the GSEs’ executive compensation, it did not keep close tabs on "non-executive senior professional compensation practices."
Of course, Ocwen is hardly alone when it comes to having a large overseas mortgage workforce. Wells Fargo and Nationstar, we’re told, also have decent sized back office operations in India…
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