Warehouse providers ended 2016 with roughly $62.0 billion of commitments on their books, a 21.6 percent improvement from the same period a year earlier, according to new survey figures compiled by Inside Mortgage Finance. For the most part, warehouse finance continued to be a healthy business for the megabanks and regional banks that play in the sector – especially with nonbank originators stealing market share away from many of the institutions they’re receiving lines of credit from. Few warehouse managers interviewed by this publication cited...[Includes one data table]
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.”
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