Housing shouldn’t look at any color but the color of money

Housing shouldn’t look at any color but the color of money

People with bad credit and bad habits should be squeezed out of housing

Who is Nat Hardwick?

Former LandCastle Title CEO owns NASCAR team, rubs elbows with PGA pros

Lawsuit alleges former LandCastle Title CEO embezzled $30 million

Nat Hardwick allegedly used funds for private jets, gambling
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Items Tagged with 'mortgage servicing'

ARTICLES

Rushmore Loan Management Services to open branch in Puerto Rico

Expands loan servicing operations with office in San Juan
Ben Lane
The company plans to hire approximately 50-60 new employees to staff the San Juan office. According to Rushmore CEO Terry Smith, Rushmore will immediately begin servicing approximately 4,000 residential loans and REO when the branch office opens in November.
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CFPB expresses “heightened” concern over MSR transfers

New bulletin reminds servicers of responsibilities to borrowers
Ben Lane
In the new bulletin, the CFPB said that it is reminding servicers of their responsibilities to borrowers, “in light of potential risks to consumers that may arise in connection with transfers of residential mortgage servicing rights.”
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Who said the MSR market was frozen?

Another billion-dollar bulk portfolio available for sale
Ben Lane
Ocwen Executive Chairman William Erbey called the mortgage servicing rights market frozen in April. While that may be true from his perspective, recent activity shows a fair amount of activity elsewhere in the space.
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Walker & Dunlop post declining revenue of $85.3M for 2Q

Overall slowdown in mortgage originations pull back sales, profits
Trey Garrison
Walker & Dunlop posted total revenues for the second quarter 2014 of $85.3 million, a 6% decrease from $90.7 million for the second quarter 2013.
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Weak mortgage production drags PHH down again

Company posts loss of $59 million despite fleet business sale
Ben Lane
On the positive side, the $27 million loss from the mortgage production segment was an improvement from the $60 million loss suffered by the segment in the first quarter of 2014. By contrast, though, the segment pulled in a profit of $44 million in the second quarter of 2013.
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$1.2 billion Fannie, Ginnie bulk MSR portfolio for sale

Loans carry weighted average note rate of 3.75%
Ben Lane
Fannie Mae and Ginnie Mae each back a separate pool of the underlying loans. IMA is requesting separate bids to be submitted for the Fannie pool and the Ginnie pool to allow consideration by the seller to sell the pools separately.
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Fay Servicing breaks into REO business

Selects Glenn Brooks to lead as SVP
Brena Swanson
Fay Servicing is launching an REO division, allowing the company to design optimal resolution and marketing strategies in order to maximize on returns on each asset.
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Bank of America slashes mortgage servicing jobs

Cuts 540 employees
Brena Swanson
Bank of America is drastically cutting back in its mortgage servicing division, known as Legacy Asset Servicing. And the layoffs don’t end in Charlotte.
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Statebridge names Jay Memmott president and chief operating officer

Joins company after four years as Seterus’ president
Ben Lane
Industry veteran Jay Memmott brings more than 32 years of experience to Statebridge. He was chairman and managing director of Wilshire Credit Corp. for ten years.
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$1 billion Fannie Mae bulk MSR portfolio coming to market

Seller is “well-known” and “established”
Ben Lane
The loans carry a weighted average note rate of 4.11% and have zero delinquencies.
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