The chief enforcer of a massive settlement involving five top servicers portrayed the results of the most recent round of compliance testing as confirmation of issues that need to be “rectified” and the need for holding servicers accountable. Shaun Donovan, secretary of the Department of Housing and Urban Development, said the failure of the five servicers on eight compliance tests shows that “abuses shamefully endure.” He put the companies on notice that they would face monetary penalties if they don’t comply. The report from the Office of Mortgage Settlement Oversight did show...

OneWest Bank’s decision to sell $78 billion in unpaid principal balance of mortgage servicing rights and related servicing advance receivables to Ocwen Financial continues the trend of banks unloading servicing with special servicers. However, the deal is unique in that OneWest’s owners have been looking to cash out of the entire banking operation for a while. Ocwen announced late last week that it will buy the MSRs and servicing advance receivables for $2.53 billion, with the sale expected to close in stages this year. “We have entered into a definitive agreement with Ocwen Loan Servicing to sell our third-party mortgage servicing rights for forward mortgages in order to sharpen our focus on developing a leading regional banking franchise,” said Joseph Otting, president and CEO of OneWest. The bank was...

The Corker-Warner GSE bill could see the light of day next Tuesday. Meanwhile, HLSS is selling more shares to the public.

When rates rise, loan officers begin to bite their nails, unless they are heavily reliant on purchase-money loans.

There is still no official word on when the Senate Banking Committee will take up the nomination of Rep. Mel Watt to head the Federal Housing Finance Agency.

MBA pushes for GSE AU engines to be synchronized. Meanwhile, a factoid of mortgage history: Treasury chief Paulson wanted Fannie and Freddie put in receivership.

Yet another plan to reshape the mortgage market has been published, this one from noted housing economist Mark Zandi, and Ellen Seidman, once the nation's top S&L regulator.

Because of the "qualified mortgage" rule WesBanco may kill a charitable home loan program that has been in place since 1951.

In addition to having the most failed metrics, CitiMortgage was found to be in “widespread” noncompliance with the timeliness requirement to notify a borrower of any missing documents in his modification application.

PennyMac Financial must be rolling in the dough: the firm is handing out huge stock awards to its top officers.