Some history: When GMAC imploded earlier in the decade, some of its GSE servicing rights were sold to Ocwen. Ocwen eventually sold those contracts to Nationstar.
It looks like the CFPB might be contemplating new disclosures for Home Equity Conversion Mortgages, otherwise known as reverse mortgages. The agenda for the Nov. 2 meeting of the bureau’s Consumer Advisory Board, which was posted online recently, indicates the panel “will discuss Know Before You Owe: Reverse Mortgages, financial well-being, trends and themes, and payday, vehicle title, and certain high-cost installment loans.” The use of the phrase “Know Before You Owe” suggests a new disclosure regime for reverse mortgages could be in the offing. The CAB meeting announcement also indicates that written comments will be accepted from interested members of the public. They should be sent to CFPB_CABandCouncilsEvents@cfpb.gov at least seven days before the meeting. “The comments will be ...
A little over two years ago, nonbank mortgage giant loanDepot unveiled a second-lien lending program, paving the way for some of its peers to enter the space. But so far, few have stuck their toe in the water. Moreover, it doesn’t seem as though loanDepot is exactly lighting the world on fire with the product, but that could change in the quarters ahead, especially if rates rise and consumers opt to tap equity by taking out a second. loanDepot declined to talk about its program and ...
Ocwen’s recent barrage of regulatory settlements, coupled with the sale of the wholesale division and the recent hiring of investment banker Chris Whalen, is sparking talk...
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