Nationstar Holdings posts $48.3M loss in first quarter

Nationstar Holdings posts $48.3M loss in first quarter

Lower servicing revenue proves heavy drag

5 things mortgage lenders need to do before TILA RESPA goes into effect

Compliance is important

Monday Morning Cup of Coffee: Home price and wage divergence raise alarms

Plus the endgame for two billion-dollar R&W settlements?
W S

Servicing

What’s the future of Ocwen?

Analysts weigh in on what’s next for the nonbank
Ben Lane
Now that the dust is beginning to settle after Ocwen Financial reported its first-quarter results, industry observers are beginning to question what’s next for the nonbank. Despite the company being back in the black, analysts hold diametrically opposed views of Ocwen’s future.
Read More

Ocwen turns profit in first quarter but CEO vows to “do better”

Reports net income of $34.4 million in first quarter
Ben Lane
Reversing a trend that saw it lose $546 million in 2014, Ocwen Financial reported net income of $34.4 million, or $0.27 per share, for the first quarter of 2015. But Ocwen President and CEO Ron Faris said the company is not satisfied and intends to "do better."
Read More

$1.18 billion in Fannie, Freddie MSRs hit market

MountainView marketing two GSE pools
Ben Lane
Mortgage servicers hoping to get their hands on the servicing rights for loans owned by Freddie Mac and Fannie Mae have that chance, according to MountainView Servicing Group, which is acting as advisor in the sale of two separate sales of agency mortgage servicing rights.
Read More

Dealing with one housing bubble at a time

HELOCs and other factors constrain housing “recovery”
Lynn Effinger
RealtyTrac predicts that as the average HELOC borrower's ten-year interest-only period ends, that person's or family’s monthly bill will perhaps more than double from $133 to $279. This could pose a serious problem. Let's start with that, first.
Read More

Assurant exits health insurance; focus shifts to housing

Plans expansion of lender-placed insurance and other programs
Ben Lane
Assurant is planning to exit the health insurance and employee benefits business and will shift its focus instead to its housing insurance programs, which include renters/apartment insurance, flood insurance, manufactured housing and force-placed insurance.
Read More

Ocwen, Assurant to pay $140 million to settle force-placed insurance suit

Class-action suit accused Ocwen of artificially inflating costs
Ben Lane
Ocwen Financial and Assurant agreed to pay $140 million to settle a massive class-action lawsuit, which accused Ocwen of artificially inflating the cost of force-placed insurance in exchange for kickbacks from Assurant. The settlement agreement, which is awaiting final approval from federal court in Florida, resolves claims of 399,843 homeowners who allege they were overcharged for insurance.
Read More

In defense of Ocwen: Servicer’s track record deserves a second look

Even deep in the weeds there is a path
Trey Garrison
When you have a coalition of housing advocates, investors and investment managers singing your praises about how you act as a servicer, there's got to be a silver lining to the clouds. At least, that's probably what Ocwen is thinking right now.
Read More

A2Z Field Services promotes Amie Sparks-Beebe to president/CEO

Replaces retiring Bill McMullen
Ben Lane
Ohio-based A2Z Field Services announced the promotion of Amie Sparks-Beebe to president and chief executive officer. Sparks-Beebe replaces Bill McMullen, who is retiring as A2Z’s president.
Read More

Freddie Mac selling $233 million pool of Ocwen-serviced loans

Non-performing loans are “deeply delinquent”
Ben Lane
Freddie Mac announced Tuesday that it is preparing to auction off a $233 million pool of non-performing loans, which are serviced by Ocwen Financial, which said in December that it plans to exit agency servicing entirely. Is Freddie Mac done with Ocwen too?
Read More

Asset manager and mortgage servicer pleads guilty to $5M fraud scheme

Special servicer engaged in wire fraud, mortgage scheme
Trey Garrison
A special servicer for mortgages has pleaded guilty to a mortgage and wire fraud scheme and now faces 20 years in prison.
Read More