News

California home sales start 2017 on a strong note

Median sales price drops below $500,000 for first time since March 2016
While winter usually means a decline in home sales, California just saw its first increase in home sales between December and January since 2012, a sign that the Golden State could be in for a strong housing year.
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Waterstone Mortgage to ring opening bell at Nasdaq

Executives and 40 loan originators to open day’s trading on Feb. 21
More than 40 of Waterstone Mortgage Corporation’s personnel will ring the opening bell at Nasdaq on Feb. 21, 2017 as part of a ceremony honoring the company’s top loan originators.
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California regulator reveals what Ocwen did wrong

Auditor found "hundreds" of violations of law
Ocwen Financial announced late last week that it successfully extricated itself from the mortgage servicing restrictions placed on it by the California Department of Business Oversight. The final settlement total included $198 million in debt forgiveness. So why was the settlement so big? Turns out that Ocwen’s operations weren’t exactly squeaky clean for the last few years.
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What does Trump's SEC chair choice think about deregulation?

WSJ provides inside look at Jay Clayton’s likely approach
President Donald Trump recently selected a new leader for one of the government’s top financial regulators, nominating top Wall Street lawyer Jay Clayton to serve as the chair of the Securities and Exchange Commission. But what does Clayton think about the current state of financial regulations? Here's a glimpse.
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Household debt to hit new record in 2017

All categories of debt increased in Q4
Household debt is set to hit an all-new high in 2017 after showing the largest increase in over a decade. Mortgages made up the majority of household debt in 2016, however student debt is also on the rise.
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Monday Morning Cup of Coffee: Was TRID worth it?

Plus a window into the credit invisible
For businesses in the mortgage space, there's some optimism of late thanks to the Trump administration's emphasis on deregulation. And that's understandable. But what about all the time, energy, and money that the industry spent over the last few years dealing with a glut of new regulations? Was it all worth it?
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Ocwen reaches $223 million settlement with California over servicing violations

Mortgage servicing restrictions lifted, can now acquire California MSRs
Ocwen Financial announced late Friday that it reached a $223 million settlement with the California Department of Business Oversight, ridding itself of the restrictions that hampered its mortgage business in California for more than two years. The settlement includes a cash payment of $25 million. Ocwen is also required to provide an additional $198 million in debt forgiveness.
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Altisource Portfolio Solutions to pay $32 million to settle class action suit over Ocwen relationship

Investors sued when stock plummeted after NYDFS investigation
Altisource Portfolio Solutions revealed recently that the CFPB is looking into the company’s relationship with Ocwen Financial. But that wasn’t the only Ocwen-related revelation of the week. The company also reached a $32 million settlement in a class action lawsuit brought by Altisource investors who claimed financial harm after Altisource’s stock plummeted when the New York Department of Financial Services began investigating the company’s relationship with Ocwen in 2014.
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