Regulatory uncertainty, toxic environment drive Wells Fargo, Prospect out of MSAs

Meet our incredible 2015 Women of Influence

Announcing 40 leaders driving the housing economy

Trending Thursday: Is the job description “financial press” or “palace guard?”

From the Fed to FannieGate, plus the impact of banking regulations and more
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Servicing

Meet our incredible 2015 Women of Influence

Announcing 40 leaders driving the housing economy
The only downside to a program like this is the difficulty in choosing winners. The field grows more competitive every year, with more nominations from a much broader field. This is a cause for celebration in and of itself, but one that presents a real challenge for our editorial staff. Our solution was to increase the number of winners from 30 to 40; we simply had too many incredible candidates to do less.
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From HW Magazine

How mobile technology is changing the game for property preservation

The rise of the machines
Investors today crave certainty, the kind that results from lots and lots of data points. To provide that degree of assurance, field service providers have taken data collection to a whole new level. Just in the last 12 months, the explosion of available real-time data is driving a new model of field servicing that would have been unrecognizable in the past.
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$2 billion Ginnie Mae bulk MSR portfolio hits market

Loans carry weighted original loan-to-value ratio of 94%
Mortgage servicers seeking to get their hands on some Ginnie Mae servicing now have that opportunity, thanks to a nearly $2 billion mortgage servicing rights portfolio that’s now available for sale. Here are all the pertinent details.
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Ocwen’s profits fall sharply in second quarter

Company announces $150 million cost-cutting program
After returning to profitability in the first quarter, reversing a trend that saw it lose $546 million in 2014, Ocwen Financial reported Thursday that it also made a profit in the second quarter – albeit a much smaller one. Here are all the details.
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CFPB fines Residential Credit Solutions $1.5 million for illegal mortgage servicing

Allegedly failed to honor loan modifications, drove borrowers into foreclosure
According to the CFPB, Residential Credit Solutions failed to honor modifications for loans transferred from other servicers, treated consumers as if they were in default when they weren’t, sent consumers escrow statements falsely claiming they were due a refund, and forced consumers to waive their rights in order to get a repayment plan.
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Servicer focus on mortgage delinquencies severely impacts current borrowers

J.D. Power survey shows current borrowers often feel ignored
Despite the percentage of loans in delinquency dropping to less than 5% of all loans in June, mortgage servicers are still paying an inordinate amount of attention to delinquent borrowers, severely impacting the servicers’ overall customer experience, a new report shows. Here's what servicers can do to fix it.
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Nationstar posts 2Q net income of $75M

Strong originations provide comeback after first quarter losses
Nationstar Mortgage Holdings reported quarterly net income of $75 million, or $0.69 per share, for the second quarter, compared to net loss of ($48) million, or ($0.53) per share, in the first quarter 2015. Want to know more?
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CFPB orders Paymap to repay $33.4 million for deceiving customers

LoanCare also fined for falsely promising savings with biweekly payment program
The Consumer Financial Protection Bureau announced Tuesday that it is ordering Paymap, a Colorado-based payment processing company, to return $33.4 million to consumers for falsely promising mortgage savings to borrowers who used their biweekly mortgage payment program.
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