Ocwen Financial announced late last week that its planned purchase of mortgage servicing rights on a $39.2 billion portfolio of mortgages from Wells Fargo is on “indefinite hold” due to a request and scrutiny by the New York Department of Financial Services. Industry participants suggest that delays in servicing transfers due to third parties are common and the deal with Ocwen, which largely consists of mortgages in non-agency MBS, will be completed. “Ocwen will continue to work closely with the NYDFS to resolve its concerns about Ocwen’s servicing portfolio growth,” the servicer said. The NYDFS raised concerns that Ocwen doesn’t have enough capacity to handle the significant portfolio growth experienced by the servicer in recent years. Certain nonbank servicers are getting...
For an industry that’s looking at a 30 percent decline in originations, we’re seeing a great deal of SEC 13-d filings by investment funds that are upping their stakes in such players as MGIC, Radian, Ocwen, Walter, EverBank and the like.
VA activity appeared to lose momentum in the fourth quarter of 2013 as approved lenders reported $129.9 billion in total originations for the year, according to Inside FHA Lending’s analysis of Department of Veterans Affairs data. Production has been gradually slipping since the end of the first quarter, when lenders posted an aggregate $37.5 billion in new VA loans. The fourth quarter ended with $22.4 billion in total originations, which was down a hefty 32.1 percent from the previous quarter. On a year-over-year basis, however, VA originations were up by 1.5 percent. Refinancing accounted for 9.9 percent of VA production in 2013, up slightly from ... [1 chart]
The FHFA will show the MI standards to state insurance regulators first, but only if they agree to sign a “non-disclosure” agreement with the FHFA or the government-sponsored enterprises regarding the content they see.
Since Mel Watt was sworn into a five-year term as Federal Housing Finance Agency director on January 6, the former North Carolina Congressman has made no public appearances or policy statements except for canned comments attributed to him in routine FHFA press releases.
One loan officer based in Southern California said he’s seeing bonus offers made to colleagues, but cautioned: “It’s true, but only if you can prove good volume today – not eight months ago.”
Fed chairman Janet Yellen told legislators: “I think it is really very important for Congress to put in place a new system to address GSE reform. I think we still have a system that has systemic risk."
The FHFA permitted Fannie Mae to continue without the ability to assess repurchase late fees because the GSE claimed the cost of setting up such a program could cost $5.4 million
Despite the news concerning a possible sale, PHH’s share price on Wednesday was trading up, but not by much. Its price is still more than $1 below its 52-week high of $26.76.
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