Breaking News
  • Ocwen facing CFPB investigation, potential fine for servicing practices

    It’s been nearly three years since Ocwen Financial agreed to offer $2 billion in consumer relief and pay up to $127.3 million to settle a Consumer Financial Protection Bureau investigation into its servicing practices. But it looks like Ocwen may not be done with the CFPB yet, as the company revealed Thursday that the bureau is currently investigating the company’s mortgage servicing practices, which could lead to a fine and/or other disciplinary action. Click the headline to read more.

Fannie Mae's mortgage portfolio, delinquency rate decline in January

Fannie Mae's gross mortgage portfolio dropped at a compound annualized rate of 16.4% in January, according to the latest monthly report from the government-sponsored enterprise. "Fannie Mae's January mortgage investment portfolio saw the fastest decline in the seven months since the balance sheet grew to absorb delinquent loans purchased from mortgage-backed securities pools," said Jim Vogel, an analyst at FTN Financial. The company's book of business also fell at a compound annualized rate of 1.1%. At Jan. 31, the GSE's gross mortgage portfolio balance hovered at $769.9 billion. Meanwhile, the overall delinquency rate in Fannie's loan portfolio fell one-basis point to 0.71% in December. At the same time, the conventional single-family serious delinquency rate fell 2 basis points in December, hitting 4.48%. Fannie Mae, which reported a fourth-quarter loss of $2.1 billion, said earlier in February it needs more federal assistance. The government-sponsored enterprise, which was taken into conservatorship in September 2008 during the financial crisis, said its fourth-quarter loss includes $2.2 billion in dividend payments to the Treasury Department. The Federal Housing Finance Agency requested $2.6 billion on the company’s behalf from the Treasury Department, more than 80% of which is the dividend payment. Write to Kerri Panchuk.


Services Guide

Comments powered by Disqus