The Chapter 11 bankruptcy petition provides a way for Stearns to eliminate the debt while selling the balance of the firm to Blackstone. But there’s a catch: the bankruptcy plan allows for third-party investors to make a bid for Stearns.
Production executives and the teams they manage are making hay while the sun shines. Top ranked nonbank originators such as loanDepot, United Wholesale Mortgage and Guaranteed Rate are all hiring as the applications pour in.
Ocwen: “The company has executed on its previously-disclosed plans to re-enter the forward lending correspondent channel and continues to pursue a number of diversified replenishment and growth options, including MSR flow purchase arrangements and driving improved recapture rates within our existing servicing portfolio..."
If you’re wondering why the deal is taking so long, it’s because COH is a foreign entity and there are certain regulatory hoops to jump through. When originally announced, the sale was valued at $2.7 billion – all cash…
The package from IMA has 30 months of seasoning and FICOs of 735. Dovenmuehle Mortgage, Lake Zurich, IL, is the subservicer. The portfolio has a Northeast geographic concentration.
Roughly three years ago, Rushmore – a privately held nondepository – entered the origination market as a direct-to-consumer lender. Prior to that, it had been known primarily as a subservicing specialist.
Better.com’s other major backer is Citigroup. Better recently hired industry veteran William Buell to head the nonbank’s B2B platform. Buell has a deep resume, including stints at Bank of America, JPMorgan Chase and FirstKey…
The spate of M&A activity in the sector suggests that more deals could be in the works, given the attractive nature of being a subservicer compared to owning the servicing strip outright…
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