Nonbank mortgage firms increased their servicing portfolios by 3.0 percent during 1Q17, more than double the 1.3 percent increase in total Fannie/Freddie servicing during that period.
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Fitch notes that New Residential Investment Corp., a publicly traded REIT, owns $118.7 billion in servicing rights that are being subserviced by Ocwen.
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The company adds: “Under these circumstances, Ocwen has a responsibility to its customers, shareholders, and employees to vigorously defend the company.”
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