Wells Fargo to Pay Uncle Sam $1 Billion to Settle Rate-Lock and Auto Lending Violations April 20, 2018 Yemeng Yang The settlement is the first enforcement action by Acting Director Mick Mulvaney since he took over the bureau in late November.Read More
Verus Aims to be a Significant Player in Nonprime (Non-QM) April 20, 2018 Brandon Ivey Verus counts among its competitors Angel Oak, Caliber Home Loans, Citadel Servicing, Deephaven Mortgage and SG Capital Partners.Read More
A Lesson Learned from MB Financial: Go Big or Go Home? April 20, 2018 Paul Muolo Tim Anderson of DocMagic: “You either get bigger or head for the exits.”Read More
What We’re Hearing: A Kinder, Gentler (and Smarter) Nonprime Industry? / Varde Raises $750 Million / Don’t Layer That Risk / When the Worm Turns… / At Ocwen, Former Government Officials Bring Home the Bacon / NSM Gets a New COO April 20, 2018 Paul Muolo The highest paid Ocwen director last year was Phyllis Caldwell, who took home $372,649. Caldwell is a former Treasury Department official. Read More
Surprise: Ron Faris to Retire from Ocwen; Former PHH CEO Messina Named His Successor April 19, 2018 Paul Muolo Faris is a 27-year veteran of Ocwen, a publicly traded nonbank launched several decades ago by former GE Capital executive Bill Erbey.Read More
Nonbanks Continue to Gobble Up More of the Agency Servicing Market April 19, 2018 John Bancroft Nonbank servicing of agency MBS has nearly doubled since March 2014… Read More
FHFA Under Pressure to Act More Like a Bank Regulator with Fannie & Freddie April 19, 2018 Carisa Chappell Republican congressmen generally agreed with the IG’s recommendations and raised additional concerns about mission creep at Fannie and Freddie…Read More
Ditech Taps Bear Stearns/GMAC Veteran Thomas Marano as New CEO April 19, 2018 Paul Muolo Marano is no stranger to troubled financial service companies. Until 2008, he was a top executive at Bear Stearns...Read More
Phoenix Selling a Large Bulk MSR Portfolio. Bid Deadline: May 1 April 19, 2018 Paul Muolo All of the receivables were originated through the retail channel…Read More
M&A Market for Mortgage Service Providers Begins Heating Up – With No End in Sight April 19, 2018 Not only are several mortgage banking firms exploring sale opportunities these days, but dozens of vendors that serve the industry either have changed hands or are up for grabs as well – with more deals expected in the months ahead.Read More
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