A spokesman for Ocwen – which is also the nation’s eighth largest Ginnie Mae servicer – declined to comment on anything having to do with buyouts.

United Wholesale Mortgage is also one of the largest originators of residential loans with lender-paid mortgage insurance.

Sen, Menedez added: “These [programs] were not the drivers of the financial crisis. We’re going to hear the opposite of that in the next session of Congress.”

The new plea from the CHLA comes at a time when depositories are losing origination market share to fast growing nonbanks like Freedom Mortgage, United Wholesale Mortgage and others.

But is DocMagic president and CEO Dominic Iannitti done buying? Stay tuned…

One source told IMF that in some instances, certain nonbanks have been asked by the agencies to hold “more capital” in reserve accounts than other seller/servicers.

Because of the irregular nature of legal settlements and contractor backlogs, the FHA did not properly recognize its receivables, the IG said.

Many of those winning bidders are hedge funds with Wall Street backing, including Lone Star Funds and Bayview Asset Management.

CalCap is about to enter the Phoenix market and is considering other western states as well.

The $227 million portfolio is top heavy with California product which accounts for roughly 62 percent of the receivables.