Little else is known about Commerce. The press statement notes that the lender has a “vision of moving forward with a reviving market by offering products backed by a team of professionals with the upmost integrity and knowledge of the industry.”
According to a new research note from Sterne Agee, 65 percent of Altisource’s reported revenue is tied to Ocwen or Ocwen-related companies. “This is a highly symbiotic relationship," writes Stern Agee analyst Henry Coffey.
According to exclusive figures compiled by Inside Mortgage Finance, almost 85 different lenders made FHA mortgages in 2013 that had FICOs of less than 550.
Bank of America, which is among the 18 original defendants, has not yet settled and faces the largest liability because of its ownership of Countrywide Financial Corp. and Merrill Lynch.
There has been some speculation that DeMarco might want the CSP CEO job, which pays in the range of $400,000. But many sources we talked to doubt it will happen.
Mark Garland, president of MountainView Servicing Group, said he likes the product, noting that the timing couldn’t be better: “There are a lot of guys out there who are strapped for working capital,” he added.
All the world loves the CFPB? Not in the mortgage space, it seems. Financial services consultant Joe Garrett said he has six mortgage clients that have undergone exams by the agency. To say the least, it hasn't been a happy experience.
When conflicts of interest were unearthed, Aurora terminated the contract in 2012, leaving $28 million in unpaid bills. But Allonhill wanted its money.