Items Tagged with 'mortgage servicing'

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Fannie Mae, Freddie Mac increase mortgage modification interest rate to highest level in 18 months

Benchmark rate increased to July 2015 level
For the second time in two months, Fannie Mae and Freddie Mac announced that they are increasing the benchmark interest rate for standard mortgage modifications. While last month’s increase saw Fannie and Freddie increase the standard mortgage modification benchmark interest rate to a level not seen in months, the GSEs said they are increasing the standard mortgage modification interest rate to the highest level in 18 months.
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Ohio becomes first state to ban plywood on vacant properties

Fight against blight takes next step forward
The fight against neighborhood blight took a giant step forward this week, as Ohio just became the first state to ban the use of plywood on vacant and abandoned properties. Under the state’s new laws, “no person shall use plywood to secure real property that is deemed vacant and abandoned.”
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PHH selling off entire mortgage servicing rights portfolio

New Residential buying up all PHH's MSRs, PHH will subservice for 3 years
Nearly two months after announcing plans to sell off its Ginnie Mae mortgage servicing rights portfolio, PHH said Wednesday that it now plans to sell its entire remaining mortgage servicing rights portfolio in a massive deal with New Residential Investment.
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Exclusive: Nationstar CEO Jay Bray on Mr. Cooper, the company's future

HousingWire gets an inside look at Nationstar's big plans
Given the company’s recent radio silence on its massive rebranding efforts, it may seem like Nationstar Mortgage’s transformation into Mr. Cooper is in a perpetual holding pattern. But when one visits Nationstar’s headquarters in the Dallas suburb of Coppell, it’s clear that Mr. Cooper is both the company’s present and its future. In an exclusive interview, HousingWire sat down with Nationstar CEO Jay Bray to find out more about Mr. Cooper and what it means for Nationstar.
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Fannie Mae, Freddie Mac hike mortgage modification interest rate for first time in 2016

Benchmark rate increased back to February 2016 level
The market mortgage interest rates aren’t the only ones on the way up, as Fannie Mae and Freddie Mac announced Wednesday that they are increasing the benchmark interest rate for standard mortgage modifications to a level not seen in 10 months. The increase will be the first time that the GSEs increased the modification benchmark interest rate in 2016.
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From HW Magazine

2016 HW Vanguard Award winners

40 executives leading the mortgage industry
Amid the potential new direction from the White House, Congress and regulators, leadership in our industry is more important than ever. Which is why HousingWire is proud to present the 40 winners of our 2016 Vanguard award. These leaders from all segments of the mortgage ecosphere demonstrate that our industry is more than capable of meeting the challenges that lie ahead.
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Walter Capital Opportunity Corp. selling $10 billion MSR portfolio to New Residential

Sale expected to generate $90 million for Walter Investment Management Corp.
Last week, after Walter Investment Management Corp. reported its third straight quartely loss, CEO Anthony Renzi said he believes the company is on the right track in an effort to return to profitability. On Wednesday, the company announced a move that will indeed generate cash for the company, enough to nearly wipe out its entire third quarterly loss.
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Ocwen facing CFPB investigation, potential fine for servicing practices

Nonbank discusses dealings with CFPB in SEC filing
It’s been nearly three years since Ocwen Financial agreed to offer $2 billion in consumer relief and pay up to $127.3 million to settle a Consumer Financial Protection Bureau investigation into its servicing practices. But it looks like Ocwen may not be done with the CFPB yet, as the company said Thursday that the bureau is currently investigating the company’s mortgage servicing practices, which could lead to a fine and/or other disciplinary action.
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Ocwen returns to profitability for first time since Q2 2015

Sets aside additional $10 million for settlement with California
Earlier this year, when Ocwen Financial reported a net loss for the second quarter, marking its fourth straight quarter of taking a loss, the company’s executives said that despite the “legacy” issues Ocwen faced, they believed the company was on a path back to profitability. What they didn’t say is just how long it would take the nonbank to get back into the black. As it turns out, it only took one quarter.
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HUD watchdog: Servicer foreclosure delays cost FHA $2.23 billion

Report finds FHA overpaid servicers due to foreclosure, conveyance delays
A new report from a government watchdog shows that mortgage servicers’ delays in foreclosing on properties and subsequent delays in the conveyance of those properties to the Federal Housing Administration cost the FHA as much as $2.23 billion in unnecessary payouts.
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