Nonbank mortgage giant PHH Corp. – which posted combined losses of $347 million the past two years – is betting its future on subservicing, a business it describes as being “capital light” and one that could lead to riches down the road. As outlined by senior management during a recent call with analysts, the company will focus on processing loans for other shops, splitting the underlying servicing fee – 25 basis points on Fannie Mae/Freddie Mac loans – with the owner of those receivables. PHH CEO Glen Messina described...
Nationstar said it expects to board $144 billion of additional contracts in 2017, $111 billion of which is subservicing for New Residential Investment Corp.
“This is a fair and just settlement for California consumers,” said CDBO Commissioner Jan Lynn Owen. “The terms will hold Ocwen accountable for widespread violations of laws that harmed borrowers in our state.”
Late last decade Altisource was spun-off from Ocwen, a once large servicer that in years past had been sanctioned by regulators for some of its servicing practices.
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