Walter notes: “We have already achieved cost reductions in a number of areas, but there can be no assurance that we will be able to reduce costs so as to enable the servicing business to return to profitability in the near term or at all.”

Ocwen Financial caught a potentially big break last week when the judge overseeing its dispute with the Consumer Financial Protection Bureau granted its request to invite the Department of Justice to weigh in. “There are at least two clear reasons to invite the Attorney General to participate here,” the company told Judge Kenneth Marra, of the U.S. District Court for the Southern District of Florida. First, it noted, district courts are required to notify the attorney general of a constitutional challenge in any action in which the U.S. government is not a party. Second, the U.S. attorney general recently filed...

It’s safe to say that CFPB Director Richard Cordray has been one of the most controversial financial regulators to work in Washington, D.C. for quite some time...

As the weekend approached it was unclear which suitor won the Seneca MSR portfolio…

At June 30, PHH had commitments to sell $52.3 billion of mortgage servicing rights.

In trading Wednesday, Impac’s share price was down almost 6 percent…

Industry consultants contend that loanDepot – the nation’s 10th largest overall originator – still hopes to go public one of these days…

Citadel Servicing Corp., Irvine, CA, is also looking for a correspondent sales rep for the East Coast...

According to Casey Crawford the recapitalized depository will focus on “loving and serving people.”

Among other things, CapLoc – an affiliate of Eli Global – charges that FMC pledged “ineligible” mortgages as collateral…