Ditech is once again operating under Chapter 11 bankruptcy protection. But its problems, like a top subservicing client wanting out, are accelerating. Can the firm's advisors sell the shop before it's too late?
Ocwen Financial, the nation’s 12th largest servicer, has reached a civil settlement with the Massachusetts Office of the Attorney General, to resolve a complaint filed by the state in 2017. As part of the agreement, Ocwen will make a $675,000 payment and provide relief to residential borrowers. The Massachusetts AG said the settlement involves total restitution of $2 million. The AG alleged that Ocwen committed “widespread mortgage servicing violations that increased Massachusetts ...
With the ink still dry on the January calendar, Mr. Cooper said it would buy Seterus and its $48.0 billion servicing platform. Now comes the big question: Which firm or portfolio is next on its buy list? As Inside Mortgage Trends went to press this week, several large bulk packages of mortgage servicing rights were ready to hit the auction market, including two that are north of $10 billion. The Seterus sale was announced on Jan. 3. Investment bankers immediately started speculating ...
The Money Source Inc., Melville, NY, is exiting the retail and wholesale channels to focus its resources on growing its servicing business and correspondent platform. In an interview with Inside Mortgage Trends, TMS President Ali Vafai noted that AmeriSave Mortgage Corp., Atlanta, bought the retail platform with the wholesale division landing elsewhere. The buyer of the latter has yet to be revealed and negotiations are continuing, said Vafai. No purchase price was disclosed on ...
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