The principles released Tuesday are separate from and independent of the finalized amendments to the CFPB’s 2013 mortgage servicing rules, which are expected in several weeks.
The company has been diversifying heavily into subservicing contracts and over the past year has struck outsourcing deals with USAA and Seneca Mortgage Servicing.
Troubled waters are ahead for mortgage servicers as 12 of the 27 largest rated shops experienced portfolio declines in the first quarter of 2016, according to Fitch Ratings. Fitch data showed modest portfolio declines for the five banks and seven nonbanks, ranging from less than 1 percent to a little more than 6 percent. Nonbanks, totaling 17, outnumbered the banks. Statebridge Co. experienced...
Ocwen Financial reported a net loss of $87.20 million for the second quarter of 2016, with most of the loss related to so-called legacy issues. A planned settlement with the Department of Justice of two lawsuits involving the Home Affordable Modification Program and FHA mortgages caused $40.10 million in pre-tax losses for the nonbank lender-servicer. The company also paid $28.10 million during the quarter to cover the cost of monitoring settlements involving federal regulators ...