The nation’s megabanks reported fairly strong mortgage earnings during the second quarter thanks to a jump in new originations, robust servicing revenue and expense cuts. If the results reported by Wells Fargo, JPMorgan Chase, Bank of America and Citigroup are any indication, the industry may be rebounding from a rough stretch in late 2013 and early 2014. But the first quarter of this year was so bad – and originations so weak – that lenders had no place to go but up. Larry Charbonneau, a warehouse lending analyst, said...
Ocwen's consumer council will consider issues such as principal reduction loan modifications, reducing urban blight, helping minorities and improving language access to borrowers with limited English proficiency.
The holding company for the nation’s sixth largest lender recently sold its fleet division, and is in the throes of restructuring its mortgage unit, which is now its main line of business.
Citigroup also marked down the asset value of its residential mortgage servicing portfolio to $2.282 billion, a 12 percent decline on a sequential basis.
The Federal Reserve has released action plans for Goldman Sachs and Morgan Stanley to correct deficiencies in the firms’ risk management procedures for third-party mortgage servicers. The plans were a requirement under enforcement actions issued by the Fed and the Office of the Comptroller of the Currency between April 2011 and April 2012 against 16 mortgage servicers, including Goldman Sachs and Morgan Stanley. The servicers came under scrutiny for deficient servicing practices and foreclosure procedures, and later settled with the government. Morgan Stanley’s regulatory action plan supplements...
So, you doubt our 2Q origination estimate? Here’s what an executive from a top-five warehouse bank told us: “We’re experiencing a significant pick up in outstandings."
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