According to figures compiled by Inside Mortgage Finance, the Santa Ana, CA-based Stearns ranked 21st among all home originators in the first quarter, while Finance of America, Horsham, PA, ranked 30th. Combined, the two would’ve been 15th...
The next step might be to create a limited liability regulated entity (LLRE) which would succeed the GSE. After that, the LLRE (once capital is raised) becomes a new company and the charter is sold to new owners. From what we understand, the FHFA has the legal power to sell the charter...
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.
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