News

Ocwen now one giant step closer to acquiring MSRs again after new NYDFS agreement

Reaches agreement with NYDFS to remove monitor
For more than two years, Ocwen Financial has been prohibited from acquiring new mortgage servicing rights in bulk, thanks to the company’s $150 million settlement with the New York Department of Financial Services. Now, it appears that Ocwen could be on the brink of returning to the MSR market full force, after the nonbank announced Monday that it reached a new agreement with the NYDFS.
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Here's the final tally on Fannie, Freddie credit risk-sharing in 2016

FHFA report details GSEs' efforts to offload risk
In 2013, Fannie Mae and Freddie Mac began shifting credit risk to investors as part of a plan to reduce the overall risk of the government-sponsored enterprises, and therefore, the risk to the American taxpayers. And a new report published Monday by the Federal Housing Finance Agency shows how much progress the GSEs are making in their collective effort to protect the taxpayers from risk.
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Castle & Cooke Mortgage president appointed to Fannie Mae Single-Family Risk Advisory Board

The board shapes Fannie Mae's credit policies
"Given the important role Fannie Mae plays in our housing economy, this appointment is a real honor. I look forward to sharing my insights with other board members and working together to address important industry challenges," Castle & Cooke Mortgage President and Chief Operating Officer Adam Thorpe said of his new role with Fannie Mae.
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Tech talk at MBA: Do we build technology or do we partner?

How to disrupt the mortgage finance industry
No one in the mortgage industry needs to be convinced about the power, prominence and appeal of technology anymore. Look no further than the Mortgage Bankers Association’s National Technology in Mortgage Banking Conference and Expo in Chicago for proof. Helping kick off the conference on Monday, executives from JPMorgan Chase, Ellie Mae, USAA and Quicken Loans discussed their perspectives on fintech.
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cloudvirga raises $15 million; funding led by Blackstone’s Incenter

Mortgage automation provider plans to use funds to expand
Over the last year, Incenter increased its reach by launching a mortgage-focused broker-dealer called Incenter Securities Group and expanding into title and settlement services with the acquisition of Boston National, a provider of title and settlement services. Now, Incenter, a Blackstone Group portfolio company, is expanding its reach again by investing in cloudvirga, a provider of mortgage process automation.
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Airbnb user fined $1,000 for listing in Trump Tower

New York begins crackdown on Airbnb listings
One Airbnb user received a fine of $1,000 for advertising a listing in Trump Tower. New York City began cracking down on Airbnb listings in February as a result of a new law that makes advertising the listings illegal, as well as renting them out.
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Fannie Mae: Lender optimism higher than ever

But profit margins sink
Consistent with the rest of the market, including builders and consumers, a new survey from Fannie Mae shows even lenders are hitting new survey highs when it comes to confidence in the economy. However, as the market shifts away from refinance mortgages, profit margin outlooks remain low among lenders.
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