Another Round of Servicing Layoffs for Ocwen: 300 Jobs in Iowa; India Workforce Continues to Grow September 24, 2015 Paul Muolo The old GMAC servicing platform in Iowa appears to be on a death-watch as Ocwen sells GSE servicing rights and opts for cheaper labor overseas...Read More
Short Takes: The CFPB is About to Analyze Bank Business Loans / WinWater Goes Jumbo Again / Ocwen is So Large in India it Hedges its Exposure Against the Rupee / Ocwen’s New Subprime Client / CFPB Slams Hudson City Savings September 24, 2015 Brandon Ivey and Paul Muolo Ocwen has so many workers in India that it hedges its risk against the currency there, the Rupee. Read More
Institutional Investors Spurning Certain Public Mortgage Firms September 23, 2015 Paul Muolo For many investors it has boiled down to this: They’ve had enough and they want out.Read More
And the MSR Deals Keep Coming: $3.2 Billion from Phoenix Capital September 23, 2015 Paul Muolo All of the servicing rights being auctioned off are currently being subserviced by Cenlar.Read More
Short Takes: Ginnie Mae Chief Issues a Warning or Two / Ginnie Budget Woes? / Fear the Sale of Servicing Rights? Really? / MBA Reacts to Tozer’s Comments / A Clarification on the Lund SEC Case September 23, 2015 Paul Muolo Meanwhile, the MBA chief – and his members – were caught off guard by Tozer’s comments about nonbanks and servicing transfers.Read More
Remainder of Year Could be a Humdinger for MSR Sales September 22, 2015 Paul Muolo One frequent participant on the buy-side of MSR deals called the current price structure “fair” and below the “overheated” level that buyers witnessed a year ago.Read More
SEC Drops Case Against Former Fannie Mae Executive Thomas Lund September 22, 2015 Paul Muolo Lund’s vindication comes at a time when both GSEs are now earning several billion dollars per quarter.Read More
Short Takes: Hedge Fund Reduces (Slightly) its Stake in Ellington / Ocwen Reps Will Speak Japanese / U.S. Bank Likes HELs / DocMagic Signs Up Mid America / CMLA Names New Chair September 22, 2015 Brandon Ivey and Paul Muolo Most of Ocwen’s back-office workers are overseas in India and the Philippines where call center workers make much less than their U.S. counterparts.Read More
PIMCO Buys a Stake in First Guaranty Mortgage Corp., a $4 Billion a Year Lender September 21, 2015 Paul Muolo Early this year, PIMCO was in talks to buy RoundPoint Mortgage, a top 25-ranked servicer, but the transaction fell apart.Read More
Phoenix Offering Flow Servicing Rights Tied to GSE and Ginnie Product September 21, 2015 Paul Muolo The Fannie/Freddie loans are dominated by Florida mortgages at 32 percent of the flow.Read More