Short Takes: JPM Sold Servicing to Nationstar? / IMA Will Still Sell Distressed Product / Ocwen Quietly Peddling Servicing? / Head of Retail at Guaranteed Rate Walks / $7MM to Get Deals Rated? / FHA Update January 22, 2015 George Brooks, Brandon Ivey, and Paul Muolo Thomas Gamache, national director of retail sales for Guaranteed Rate, has left the company and accepted a position with Citizens Financial Group...Read More
Nonprime Lender Citadel Triples Production in 2014, May Do It Again January 21, 2015 Paul Muolo Roughly 5 percent of Citadel's production is retail with correspondent accounting for 7 percent. The balance entails table funding.Read More
Short Takes: Leon Cooperman Feels the Altisource Pain / CFPB Mum on Fixing Lender-Paid Comp / Former S&P Chief Under Fire January 21, 2015 Brandon Ivey and Paul Muolo Regarding Altisource, the phrase “catch a falling knife” comes to mind. Cooperman is the Chairman and CEO of Omega Advisors…Read More
Nationstar Closes on $8.5 Billion MSR Deal from ‘Top Four’ Servicer January 21, 2015 Paul Muolo Is Ocwen the seller of the MSRs?Read More
After Stepping Down, Ocwen Founder Erbey Set to Reap at Least $1.2 Million in Cash January 20, 2015 Paul Muolo The separation agreement prohibits the mortgage industry veteran from competing with Ocwen for at least 24 months. Read More
The Megabank Mortgage Roundup: 4Q Reveals Some Up, Some Down January 19, 2015 John Bancroft Two of the four, Chase and BofA, reported increased originations during the fourth quarter. At Chase, production was up 8.5 percent...Read More
Altisource Defends Ties to Ocwen, Cuts Staff; Stock Soars January 16, 2015 Brandon Ivey Altisource recently eliminated 800 employee positions and hundreds of contractors. Read More
Ocwen Full Steam Ahead on MBS Clean-up Calls and Ginnie Buyouts January 16, 2015 Paul Muolo A recent report from Barclays found that Ocwen is the servicer on $500 million worth of eligible deals where the collateral value is above 107.Read More
Lenders Preparing for a Refi Boom(let)? Looks That Way January 16, 2015 Brandon Ivey At press time, the yield on the 10-year Treasury was at 1.80 percent, the lowest level since May 2013.Read More
CFPB Looking for Legal Conflicts to Enter January 16, 2015 Thomas Ressler “The bureau welcomes and encourages suggestions of cases as candidates for amicus curiae participation,” said the letter, signed by Meredith Fuchs, general counsel of the CFPB. Read More