Regulatory uncertainty, toxic environment drive Wells Fargo, Prospect out of MSAs

Trending Thursday: Is the job description “financial press” or “palace guard?”

From the Fed to FannieGate, plus the impact of banking regulations and more

Question remains: When will interest rates start rising?

3 different expert predictions
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News

Guardian Mortgage CEO Marcia Phillips retires

Served as CEO since 1988; replaced by Russell Anderson
Guardian Mortgage Company announced that Marcia Phillips, who has served as the company’s president and chief executive officer of since 1988, is retiring from those positions and will become vice chairman of the company’s board of directors.
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$2 billion Ginnie Mae bulk MSR portfolio hits market

Loans carry weighted original loan-to-value ratio of 94%
Mortgage servicers seeking to get their hands on some Ginnie Mae servicing now have that opportunity, thanks to a nearly $2 billion mortgage servicing rights portfolio that’s now available for sale. Here are all the pertinent details.
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Ellie Mae revenue surges 65%

Beats earnings estimates
Ellie Mae marked another strong quarter on its books, with its second-quarter revenue surging to $65.9 million, up 65% from $40 million for the same period a year ago.
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Ocwen’s profits fall sharply in second quarter

Company announces $150 million cost-cutting program
After returning to profitability in the first quarter, reversing a trend that saw it lose $546 million in 2014, Ocwen Financial reported Thursday that it also made a profit in the second quarter – albeit a much smaller one. Here are all the details.
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CFPB to mortgage industry: Get out of MSAs

Industry calls move regulation by enforcement
The Consumer Financial Protection Bureau wants mortgage lenders to stop using marketing services agreements, and it’s using the stick rather than the rules process to do so. The industry says no fair, that's regulation by enforcement. What do you think?
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Regulatory uncertainty, toxic environment drive Wells Fargo, Prospect out of MSAs

Recent RESPA interpretation cited as top concern
Two major players in the mortgage space are discontinuing marketing activities that depend on Marketing Services Agreements because of regulatory uncertainty, recent interpretations of RESPA, and a generally toxic environment because of inconsistent CFPB enforcement. And more are rumored to be dropping MSAs, too. Here's why.
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CFPB fines Residential Credit Solutions $1.5 million for illegal mortgage servicing

Allegedly failed to honor loan modifications, drove borrowers into foreclosure
According to the CFPB, Residential Credit Solutions failed to honor modifications for loans transferred from other servicers, treated consumers as if they were in default when they weren’t, sent consumers escrow statements falsely claiming they were due a refund, and forced consumers to waive their rights in order to get a repayment plan.
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LRES names new VP of sales

Nick Grant brings wealth of industry experience to role
LRES hired Nick Grant as vice president of sales, where he is responsible for managing LRES’ sales and business development operations, building customer relationships and growing new relationships with mortgage lenders and servicers.
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