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Servicing

How much offshore staff do the top mortgage servicers use?

Fitch shines a light on offshoring and its potential consequences
Ben Lane
Several of the country’s largest mortgage servicers already have as much as a third of their mortgage servicing staff offshore. A new report from Fitch Ratings details the rise of offshoring and what it means for the future of mortgage servicing.
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California man jailed for foreclosure rescue scam

Sentenced to 10 years in prison
Brena Swanson
A Huntington Beach man who was involved in a nationwide foreclosure scam that included several Sacramento-area homeowners among its victims has been sentenced to 10 years in prison, according to an article in The Sacramento Bee.
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Ocwen’s servicer ratings downgraded…again

Morningstar becomes latest to weigh in on Ocwen’s issues
Ben Lane
"The forecast for the residential mortgage servicer, residential vendor, and residential prime mortgage servicer rankings is 'Unfavorable,'" Morningstar said. "Morningstar believes that continuing regulatory scrutiny could have further negative consequences for OFC’s residential mortgage servicing business."
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Fidelity National Q3 revenue rises over 3Q13

$1.7 billion in total revenue equals 2Q14
Ben Lane
Fidelity’s third-quarter revenue of $1.7 billion equaled its second-quarter revenue, which also came in at $1.7 billion, and was also up from $1.6 billion in the second quarter of 2013.
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Ocwen gets a bounce on rumors of possible settlement

$40M to settle the backdating issue could be in the cards
Trey Garrison
Ocwen Financial was nearly scuppered last week after the New York Department of Financial Services sent an open letter alleging it was backdating letters to borrowers, but the firm got a boost Wednesday afternoon on rumors reported initially by Bloomberg that it may settle the matter for about $40 million.
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Completed foreclosures down almost one-third from September 2013

CoreLogic: Completed foreclosures down 61% from 2010 peak
Trey Garrison
There were 46,000 completed foreclosures nationally, down from 68,000 in September 2013, a year-over-year decrease of 32.6% and down 61% from the peak of completed foreclosures in 2010, according to CoreLogic.
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This 1 chart shows just how bad last week was for Ocwen

See if you can spot when Lawksy’s letter was released
Ben Lane
If you want to know just how bad Ocwen’s week really was, all you need to do is look at one chart: Ocwen’s stock price.
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Ocwen posts open letter and apology to borrowers

Pledges independent investigation and rectification
Trey Garrison
Ocwen Financial has taken a beating after the New York Department of Financial Services sent a letter to the company on Oct. 21 alleging that the company had been backdating letters to borrowers, and now Ocwen is reaching out to homeowners. “We apologize to all borrowers who received misdated letters," the CEO said in a lengthy letter.
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Ocwen’s bad week just got worse

Fitch places Ocwen on rating watch negative
Ben Lane

Fitch said that it has “long-standing concerns” over Ocwen's aggressive growth and heavy concentration of offshore resources, and the current issues raise more concerns “over Ocwen's oversight of its systems and processes.”


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It’s official: Steve Horne out as Wingspan CEO

Jason Spooner takes over; Horne becomes senior advisor
Ben Lane
Despite repeated denials to HousingWire, Wingspan has made the news of Steve Horne's exit as president and CEO official, and named Jason Spooner, Wingspan’s executive vice president of national operations, as the company’s new president. According to Wingspan, Horne has been moved to a senior advisor position.
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