Ocwen originated $699.6 million in the second quarter, with a near doubling of retail originations unable to fully offset the wind-down in correspondent production…

The maneuver was uncommon and prompted speculation that other trustees might take similar actions.

The company has been trying to restructure its operations under CEO Anthony Renzi, who joined the firm last year.

A telling sign: Bank of America employed 6,603 servicing employees as of the end of 2016, down 78.0 percent compared to the end of 2013.

Best Odds of Success in Making Consumer Complaint Data Confidential Rest With a New Director at the CFPB. Industry observers and lobbyists are increasingly of the view that the most likely way the industry will see the kind of substantive regulatory reform and relief it needs is not through federal legislation, but rather from a new director at the CFPB... ICYMI: The Financial CHOICE Act Would Exclude AMCs from Points and Fees Calculations. One overlooked provision in H.R. 10, the Financial CHOICE Act, which was passed by the House of Representatives on June 13, deals with residential mortgage appraisals...

Flagstar Bank priced its first post-crisis jumbo MBS this week and other big banks could start issuing deals this year, according to industry analysts. Since 2010, the main issuers in the fledgling jumbo MBS market have been nonbanks, with banks content to hold jumbos in portfolio. In recent years, the only bank to issue prime non-agency MBS has been JPMorgan Chase, which has packaged jumbos with some mortgages eligible for sale to the government-sponsored enterprises in its deals. The $443.8 million Flagstar Mortgage Trust 2017-1 follows...

By comparison, ARMs accounted for less than 1.0 percent of total prime non-agency MBS issued in the first quarter.

Pacific Investment Management Company published an opinion piece this week calling for changes in the non-agency market before policymakers enact reforms that affect the government-sponsored enterprises. PIMCO was also critical of other GSE reform proposals. “Without a functioning private mortgage market, it will be nearly impossible for the GSEs to shrink their footprint without significant disruption to the housing market and to the underlying homeownership rate,” PIMCO said. PIMCO was...

A few months back, Citadel Servicing Corp., Irvine, CA, was eyeing the May/June period as the target date for its first nonprime mortgage-backed security. Now that July is almost over, it’s eyeing the fall – if that. According to company founder and CEO Dan Perl, prices being paid in the whole loan market for its high-yielding loans are just too good to turn down. Perl indicated that for his company, at least, the economics of a whole loan transaction are just too favorable right now. Although he could not be too specific on pricing, the industry veteran indicated...

However, the legal settlement likely will ding sector quarter earnings by $34 millon to $36 million…