More troubling signs point to potential increase in defaults

More troubling signs point to potential increase in defaults

And yet we introduce a 100% LTV mortgage

Calgary housing market a canary in the shale mine?

Home prices, sales plummet alongside price of crude oil

Here's why the loanDepot CEO loves the CFPB

Regulatory environment huge barrier to entry
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Servicing

Mortgage Contracting Services adds Greg Smith as assistant vice president

Will help oversee company’s compliance operations
Ben Lane
In this position, Smith will oversee the quality assurance and quality control operations in Ruston for both MCS’ field services and valuations divisions. Smith is also tasked with operational reporting and supporting data analytics for MCS.
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Wingspan lays off 100 more employees in Monroe

Are all 400 former JPMorgan Chase employees now gone?
Ben Lane
In October, Wingspan Portfolio Advisors laid off hundreds of employees in its Monroe, Louisiana location, leaving only an estimated 100 employees at the former JPMorgan Chase call center. Now those employees will soon be gone, too.
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Report: Citigroup forgot to send 23,000 settlement checks

Still owes $20 million as part of Independent Foreclosure Review
Ben Lane
According to a report from Bloomberg, Citigroup did not send settlement checks to approximately 23,000 borrowers who are eligible for payment under the Independent Foreclosure Review and is now preparing to mail out $20 million worth of checks to those borrowers.
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JPMorgan Chase: Hold the phone on those DOJ robo-signing charges

Claims DOJ misrepresented settlement agreement
Ben Lane
JPMorgan Chase is pushing back at the Department of Justice’s claims that it admitted to misfiling more than 50,000 payment change notices in bankruptcy courts that were “improperly signed, under penalty of perjury, by persons who had not reviewed the accuracy of the notices.” According to Chase Vice President and Head of External Communications Jason Lobo, Chase made no such admissions, despite agreeing to the settlement.
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Here’s how much mortgage servicing Altisource Residential is offloading

SEC filing reveals contract details with BSI Financial and Fay Servicing
Ben Lane
Last month, HousingWire reported that Altisource Residential agreed to separate mortgage servicing contracts with two vendors, Fay Servicing and BSI Financial Services. What wasn’t known at the time was just how much servicing Altisource would be transferring, but a recent filing with the Securities and Exchange Commission reveals the size of the contracts.
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DOJ fines JPMorgan Chase $50 million for robo-signing

Chase admits to misfiling mortgage documents
Ben Lane
JPMorgan Chase admitted to misfiling more than 50,000 payment change notices in bankruptcy courts that were “improperly signed, under penalty of perjury, by persons who had not reviewed the accuracy of the notices,” and will pay more than $50 million to homeowners as part of a settlement with the U.S. Department of Justice over its mortgage practices.
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Ocwen troubles aren’t over yet

Preparing to book $370-$420 million goodwill charge off
Ben Lane
When Ocwen Financial does finally report its yearly financial data, there will be several more negative items in the ledger, and the company is attempting to preemptively alleviate investor concerns by getting out in front of the news. In a press release Monday, the company said that it is expecting its fourth quarter and year-end results to be affected by a $370-$420 million non-cash charge to write-off goodwill.
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Altisource Portfolio Solutions reports 2014 net income of $134.5 million

Ocwen’s troubles force cutbacks, including layoffs
Ben Lane
Despite its business taking a hit due to Ocwen Financial’s regulatory troubles, Altisource Portfolio Solutions still reported a 3% increase in net income in 2014, with the company’s income rising from $129.97 million in 2013 to $134.49 million in 2014.
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Things at Ocwen just went from bad to much, much worse

Embattled company hit with an avalanche of bad news
Ben Lane
Just when it looked Ocwen Financial may finally be getting some good news, the nonbank was hit with an avalanche of bad news. A new report from Compass Point says that Ocwen was just terminated as servicer on two RMBS deals, and worst of all, Ocwen now stands accused of costing mortgage bond investors $26 billion.
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Stonegate just grew warehouse lending by 888%

No, that’s not a typo
Ben Lane
Stonegate Mortgage Corporation reported an incredible 888% year-over-year increase in its warehouse lending in the fourth quarter, rising from $47.8 million in 2013 to $472.4 million in 2014. But it still wasn't enough to help Stonegate turn a profit in 2014.
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