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Volume 2014 - Number 6

February 14, 2014

Delay of Ocwen’s Purchase of Servicing on Non-Agency MBS from Wells Fargo Seen as Temporary, Ordinary

Ocwen Financial announced late last week that its planned purchase of mortgage servicing rights on a $39.2 billion portfolio of mortgages from Wells Fargo is on “indefinite hold” due to a request and scrutiny by the New York Department of Financial Services. Industry participants suggest that delays in servicing transfers due to third parties are common and the deal with Ocwen, which largely consists of mortgages in non-agency MBS, will be completed. “Ocwen will continue to work closely with the NYDFS to resolve its concerns about Ocwen’s servicing portfolio growth,” the servicer said. The NYDFS raised concerns that Ocwen doesn’t have enough capacity to handle the significant portfolio growth experienced by the servicer in recent years. Certain nonbank servicers are getting...

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This weekly covers the secondary mortgage market, including mortgage-backed securities and asset-backed securities.



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