Fitch said the downgrade was tied to Green Tree’s “aggressive portfolio growth,” noting that the nonbank grew its MSR portfolio by almost three-fold over the past two years.
Sources note that earlier in the year, the privately held Carrington was the winning bidder on a roughly $20 billion package of Ginnie MSRs sold by BofA.
Home Loan Servicing Solutions, which is slated for sale to New Residential Investment Corp., said it has received notice from the NASDAQ that it is no longer in compliance with the exchange's listing requirements, which means it could eventually be removed from the trading board.
The changes the CFPB wants to make to its 2013 mortgage servicing rules under the Real Estate Settlement Procedures Act and the Truth in Lending Act got a mixed reception from the mortgage industry. The proposed rule was issued in mid-December, and the public comment period closed last week. The proposed amendments cover nine primary topics: successors in interest, definition of delinquency, requests for information, force-placed insurance, early intervention, loss mitigation, prompt payment crediting, periodic statements, and small servicer issues. The Independent Community Bankers of America was pleased with the bureau’s proposed amendment to the small servicer definition that will permit a small servicer to service, for a fee, mortgage loans that are seller-financed transactions subject to certain limitations. ...
Ocwen actually received the highest marks possible across its performance review for 4Q, but Treasury said the servicer’s “moderate” improvement rating was due to a lack of progress in implementing previously identified improvements.
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