Subservicer Rushmore Launches Consumer-Direct Channel; Former Nationstar Exec Leads the Effort August 30, 2016 Paul Muolo While Rushmore’s headquarters is in Southern California, the production operation is based in Dallas, where Steve Mix worked for Nationstar.Read More
Prestwick Selling $502 Million of Fannie Mae/ Freddie Mac Servicing Rights August 30, 2016 Paul Muolo All of the loans were funded through the retail channel by the seller company.Read More
MBA: Servicing Losses Worsen by 36 Percent, But Origination Profits Rise 104 Percent August 30, 2016 Paul Muolo The results should surprise few: big gains on production, losses on servicing…Read More
Short Takes: Bank Says ‘We’re a Subprime Lender Too’ / No Ties to BofA / And the Big Three of Nonprime Lending Are… / REIT Exits NPL Market / Former MGIC Chief Lacy Dead at 71 August 30, 2016 Paul Muolo The largest nonprime (non-QM) lenders are likely (in no certain order): Citadel Loan Servicing, Deephaven Mortgage and Angel Oak...Read More
A $2.5 Billion a Year Lender Files IPO Documents. It’s a Bank Though… August 29, 2016 Paul Muolo In 2014, FB Financial began retaining more of its servicing rights and now has a $4.0 billion portfolio.Read More
Short Takes: Just Because You’re Kicked Off the NYSE, That Doesn’t Mean… / Buying an MB for Diversification Purposes / A 10 Percent Broker Market Share and Holding / Clayton and Angel Oak / Nationstar is Hiring! August 29, 2016 Paul Muolo The nation's fourth largest servicer, Nationstar Mortgage, will hold a job fair on Sept. 12 at the Maude Cobb Convention Center in Longview, TX. Read More
Should Residential Loan Officers Worry About Their Jobs and Automation? August 26, 2016 Paul Muolo Depending on where they work, mortgage loan officers can earn anywhere from 20 to 100 basis points per loan.Read More
Ocwen Agrees to Pay WA Almost $1 Million to Settle Charges that it Used Unlicensed Offshore Affiliates to Perform Servicing Functions August 26, 2016 Paul Muolo Ocwen services roughly 60,000 loans in Washington state.Read More
What We’re Hearing: Caliber and PHH, an Update / Not a Good Thing: Having Too Much of Your Net Worth Tied up in MSRs / Banks and Brokers: No Longer in Love / Will a Retail Subprime Lender Emerge and Go National? / IU Chief Loses GSE Case August 26, 2016 Paul Muolo Angel Oak, by the way, is licensed to lend in 30 states. It hopes to be in 40 within the next year, said company official John Hsu…Read More
PHH to Lose Part of HSBC Contract. A New Tally on Damages: A 47% Decline in Subservicing Contracts August 25, 2016 Paul Muolo PHH says loss of the HSBC subservicing contract on the 139,000 loans will reduce pre-tax earnings by $10 million.Read More