Among the top 15 subprime servicers, only Caliber Home Loans increased its portfolio during the second quarter of 2016, according to a new ranking and analysis by Inside Nonconforming Markets. Caliber handled $18.62 billion in subprime mortgages as of the end of June, up 4.4 percent from March. During that span, the total amount of subprime mortgage outstanding fell by 4.2 percent to an estimated $275.00 billion. Caliber has been originating ... [Includes one data chart]
S&P Global Ratings upgraded servicer ratings for Ocwen Loan Servicing to average from below average this week. Ocwen’s stock price increased significantly after the upgrade because of ratings clauses in Ocwen’s subservicing agreements with New Residential Investment. S&P downgraded Ocwen’s servicer ratings in June 2015 and if the ratings weren’t raised by April 2017, New Residential could transfer the subservicing to a different company. As of the end of ...
Earlier in the week, candidate Trump warmed the hearts of banking and financial services executives everywhere when he said he would propose a moratorium on all new financial regulations…
A handful of investors, including Caliber Home Loans, are kicking the tires at PHH Corp., taking a close look at the company’s mortgage assets and platforms, investment banking sources told Inside Mortgage Finance this week. At this point in time, a sale of the company through a stock transaction is highly unlikely, but the disposal of some of its key assets – in particular, its $231.74 billion servicing portfolio – could finally materialize before yearend. It’s...
A final rule issued late last week by the Consumer Financial Protection Bureau will add compliance burdens for mortgage servicers, according to industry participants. It includes new requirements for loss mitigation evaluations and standards for successors in interest to deceased borrowers. “The bureau believes that the majority of the provisions in this final rule would impose, at most, minimal new compliance burdens, and in many cases would reduce the compliance burden relative to the existing rules,” the CFPB said. Jonathan Kolodziej, an associate at the law firm of Bradley Arant Boult Cummings, said...
Among three nonbank servicers that grew significantly after the financial crisis, Nationstar Mortgage has managed to continue to acquire mortgage servicing rights and subservicing while Walter Investment Management and Ocwen Financial have recently sold MSRs and taken huge losses. Officials at Nationstar said the nonbank is on track to board servicing with an unpaid principal balance of $130.0 billion between August and the end of the year. The new servicing includes acquisitions of MSRs and subservicing agreements. Nationstar handled a $369.0 billion servicing portfolio at June 30, down from $386.0 billion in servicing at the end of March. “I don’t think...
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