Costs up, profits down: Closing a mortgage gets more expensive

Costs up, profits down: Closing a mortgage gets more expensive

In just one quarter the profit dropped $153 per loan

Blogatative Easing: Ben Bernanke, Brookings blogger

Return to the scene of the crime?

Mortgage brokers: Update your stump speech on mortgage lending, Mr. President

NAMB says mortgage brokers have been at forefront of reform
W S

Servicing

Long foreclosure processes give borrowers free home

Cases rest on the state’s statute of limitations
Brena Swanson
There are still tens of thousands of homeowners who have missed more than five years of mortgage payments. And according to an interesting legal quirk, they might be able to keep their homes for free now.
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Home eviction leads to grisly, tragic discovery

Police discover two children’s bodies in freezer
Trey Garrison
Home evictions can uncover any number of problems, but an eviction in Detroit led to a very disturbing crime scene and the arrest of a mother.
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Freddie Mac completes largest sale ever of seriously delinquent loans

GCAT Management Services wins all three pools
Brena Swanson
Shortly after releasing the new requirements for the sales of non-performing loans, Freddie Mac announced its biggest sale yet of seriously delinquent loans from its portfolio. This one is nearly the same amount as the first two pilot sales combined.
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Ocwen offering indemnification to company directors and executive officers

Is more legal trouble imminent?
Ben Lane
By its own admission, Ocwen Financial is facing 21 pending investigations in 15 different states, is currently facing delisting by the New York Stock Exchange for delaying the release of its annual report, and has run afoul of investors and homeowners alike. Is that why it began offering indemnification to its directors and executive officers?
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Wells Fargo cutting 1,000 mortgage servicing jobs

Will shutter Milwaukee office by July
Trey Garrison
The bad news? Wells Fargo is cutting about 1,000 mortgage servicing jobs. But the good news is that the job cuts mean there are fewer legacy and problem mortgages to service.
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Nationstar to fund MSR purchases with stock offering

Announces plans to sell 17.5 million shares of common stock
Ben Lane
In the last month, Nationstar Mortgage reached two separate agreements with Ocwen Financial to purchase nearly $35 billion worth of mortgage servicing rights. Nationstar is planning to fund those purchases by executing a public offering of common stock.
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Ocwen faces delisting from New York Stock Exchange

Is the HLSS situation the iceberg that sinks Ocwen?
Ben Lane
The calendar may say that it’s officially Spring, but Ocwen Financial’s winter of discontent is nowhere close to being over. Now, the bank is facing delisting from the New York Stock Exchange because of its continued delays in filing its 2014 annual report.
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Ocwen speeds exodus from mortgage servicing with latest, massive MSR sale

Nationstar buys in bulk, expects more deals soon
Ben Lane
In what’s becoming a weekly occurrence, Ocwen Financial announced Tuesday that it will sell off another massive agency mortgage servicing rights portfolio. The buyer this time? Nationstar, which is expecting more, similar deals to come.
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Ocwen fires back at “disingenuous” charges of negligence

Accuses mortgage bond investors of being "pro-foreclosure"
Ben Lane
Ocwen Financial is doubling down in its fight against a group of mortgage bond investors that accused the nonbank of failing to properly collect payments on mortgage loans and breaching its bond covenants, charging the investors, which include BlackRock, MetLife, and PIMCO, of having a “pro-foreclosure, anti-modification” agenda.
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Black Knight: Foreclosure inventory reaches lowest level since 2007

Last month’s jump in foreclosures reverse course
Trey Garrison
January’s jump in foreclosure starts reversed course - and then some - in February, dropping by 15% to 79,700 for the month, its lowest level since last November, and the third lowest point in at least seven years. Here's what happened.
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