Loan originators have to look for a good fit when they're searching for a coissuance partner for their servicing rights, experts say. That may mean leaving some cash on the table in exchange for predictability and ease of transaction.
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 ...
There was nowhere to hide in the fourth quarter of 2018 as mortgage banking income fell sharply both in loan production and servicing, according to a new Inside Mortgage Trends analysis of earnings reports from publicly held companies. [Includes one data chart]
Commercial banks and savings institutions increased the amount of mortgage servicing rights they handle for other investors in the fourth quarter of 2018, although valuations for the asset softened. [Includes one data chart]
Struggling Ditech Financial late this week offered up a progress report on its future, saying — among other things — that one of its largest subservicing clients, New Residential Investment Corp., wants out of the contract.
Transfers of agency mortgage servicing rights rose to their highest level in at least four years during 2018, although activity cooled in the fourth quarter. [Includes three data charts]
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