Ocwen Financial, the nation’s 12th largest servicer, has reached a civil settlement with the Massachusetts Office of the Attorney General, to resolve a complaint filed by the state in 2017. As part of the agreement, Ocwen will make a $675,000 payment and provide relief to residential borrowers. The Massachusetts AG said the settlement involves total restitution of $2 million. The AG alleged that Ocwen committed “widespread mortgage servicing violations that increased Massachusetts ...

The fourth quarter of 2018 was one of the hardest times in recent memory for companies to generate a profit from their mortgage banking operations. The Mortgage Bankers Association reported that only 44.0% of participants in its quarterly performance survey managed to report positive pre-tax net income for the final three months of last year. This appears to be the lowest share of firms producing positive results in many years, lower than the 54.2% share back in the first quarter of 2014 ...

After more than a year of pessimism among many lenders regarding profit margins, the outlook is improving, according to a survey by Fannie Mae.

There was nowhere to hide in the fourth quarter of 2018 as mortgage banking income fell sharply both in loan production and servicing, according to a new Inside Mortgage Trends analysis of earnings reports from publicly held companies. [Includes one data chart]

In a lackluster market amid rising interest rates and limited inventory, advisory firm Strategic Mortgage Finance Group has advice on how mortgage lenders can remain profitable.

As mortgage profits weaken, two banks that have had a foothold in residential finance for several decades are taking different paths. One, TIAA Bank, Jacksonville, FL, is exiting traditional retail but staying in the mortgage space. The other, Provident Savings Bank, Riverside, CA, is getting out entirely.

Mortgage giants Fannie Mae and Freddie Mac are scheduled to report fourth-quarter results next week and chances are the two will once again show strong earnings, but the black ink likely will pale a bit from the $6.7 billion they posted (combined) in the third quarter.

The Consumer Financial Protection Bureau has acknowledged the rules it implemented in 2014 on servicing and originations increased costs for industry participants.

The mortgage industry has more capacity than necessary, which is hurting profitability, according to industry analysts.

Mortgage repurchases by banks and thrifts took an unexpected turn higher in the third quarter of 2018, according to an Inside Mortgage Trends analysis of call report data. The banking industry reported $585.5 million in residential mortgage repurchases or indemnifications during the July-September cycle, a 38.5 percent spike from the previous quarter. The long-term trend still holds to a downward path. Year-to-date, banks and thrifts ... [Includes one data chart]