Servicing

June 17, 2013
Ex-BofA employees allege mishandling of HAMP applications

Bank of America is prepared to address allegations from former employees who claim the mega bank routinely stalled...

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Virginia court: Mortgage servicers can foreclose, despite alleged promises to borrower

The Virginia Fourth Court of Appeals upheld a lower court ruling in Roanoke that a mortgage servicer can legally foreclose, even if a borrower claims they were told something otherwise.

Ocwen enters massive MSR agreement with OneWest Bank

Ocwen has agreed to purchase $78 billion in unpaid principal balance of MSRs and related servicing advance receivables from OneWest. Ocwen plans to finance the transaction primarily with a combination of cash on-hand, cash generated through operations and available credit.

ReWired

The pending mortgage servicer shakeout

No one can deny that the last few years have been good for companies that are in the mortgage servicing business. But as the U.S. economy continues to recover and historic default and foreclosure rates normalize, some of the firms in this space are feeling the pressure to offer more in order to maintain their business levels.

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