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Ocwen Lost $87.3 Million in 2Q16, but Originations Increased 35 Percent

July 27, 2016
Paul Muolo
However, one bright spot was originations, which increased sequentially by 35 percent to $1.32 billion.
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Home Point Financial Inks Deal to Buy Emery Financial’s Assets

July 27, 2016
Paul Muolo
Home Point, which has backing from a PE firm, may have its ears open to future deals…
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Servicers Wonder How Much Time the CFPB Will Give Them on New Rules

July 27, 2016
Thomas Ressler
“We have a pretty good idea of what the bureau is going to do in substance,” said Donald Lampe, a partner in the financial services group at Morrison & Foerster…
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Short Takes: Mortgage M&A Mania Finally Arrives? / Five Oaks Halts Jumbo Aggregation / Angel Oak Rolls Out Investor NI Product / Fannie Tweaks High-LTV Guidelines / Mountain States Lead the Way, Says Black Knight

July 27, 2016
Paul Muolo, Brandon Ivey, and Macie Jones
Nonprime lender Angel Oak Mortgage Solutions is now offering a “no-income” loan to investors with credit scores as low as 660...
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Small Commercial Banks Quietly Amassing MSR Market Share

July 27, 2016
Brandon Ivey
Smaller depositories held 8.0 percent of the banking industry’s total mortgage servicing assets in 2015, up from a share of less than 2.0 percent as recently as 2009.
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Citadel Servicing CEO: $50 Billion Available to Buy Nonprime Mortgages

July 27, 2016
Brandon Ivey
Caliber executive William Pendleton noted the nonprime MBS recently issued by Lone Star Funds (which owns Caliber) will help the lender significantly reduce interest rates on new originations.
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Short Takes: Ginnie Mae MSR Demand: Deadly Slow? / FHFA IG Says Agency Shirking Its Duty / Summer Foreclosure Rates Looking Good (for Consumers) / Prepayment Speeds Spike / A New Hire at NCB

July 26, 2016
Paul Muolo, Brandon Ivey, Sherry Muolo, and Carisa Chappell
The IG accused the FHFA of shirking its responsibility to effectively examine Fannie Mae and Freddie Mac...
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GOP Lawmakers Request Outside Review of the FHFA Inspector General

July 26, 2016
Carisa Chappell
Sen. Grassley pointed out that production decreased after Wertheimer’s tenure began in September 2014 with just three audit reports produced in 2015.
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Bulk MSR Sales Heated Up in 2Q16 Along with Surge in ‘Co-Issuance’ Deals

July 26, 2016
John Bancroft
Some banks nearly tripled their bulk MSR acquisitions in 2Q16. SunTrust, for example, bought $7.41 billion of GSE servicing during the period, making it the third most active buyer in the market.
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Thanks to ‘Brexit’ Vote and Resulting Refis, Origination Capacity is Strained, and Then Some

July 26, 2016
Brandon Ivey
Applications and refis are so robust that production "capacity" is now a major concern...
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