Ocwen Financial, the nations top-ranked subprime servicer, was the only firm among the major servicers that increased its subprime servicing portfolio (excluding subservicing) in the third quarter of 2013.
The focus on purchase mortgages became urgent as interest rates started to increase in May, settling for the moment about 100 basis points higher than they were in April, reducing demand for refinances.
The STACR deal was structured so that Freddie Mac will take the first 30 basis points of losses on the transaction, followed by private investors, which bought debt notes on the following 300 basis points of potential losses.
Paul Rozo, who runs PRMG, told us that he is not a big fan of call centers and that every LO in his organization is a hunter, a sales person who relies on referral business and/or handling their own marketing."
firstname.lastname@example.org Walter Investment Management is the latest servicer to transition to a capital lite business model, announcing the formation of a REIT to hold mortgage servicing rights. Walter said the new Walter Capital Opportunity unit will acquire certain MSRs while Walter Investment Management subservices the loans. Rival special servicers Nationstar Mortgage and Ocwen Financial have already created or partnered with similar affiliated MSR investors and Two Harbors Investment, a REIT, announced a like-minded agreement with PHH this