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Items Tagged with 'mortgage servicing'

ARTICLES

How much offshore staff do the top mortgage servicers use?

Fitch shines a light on offshoring and its potential consequences
Ben Lane
Several of the country’s largest mortgage servicers already have as much as a third of their mortgage servicing staff offshore. A new report from Fitch Ratings details the rise of offshoring and what it means for the future of mortgage servicing.
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Ocwen’s servicer ratings downgraded…again

Morningstar becomes latest to weigh in on Ocwen’s issues
Ben Lane
"The forecast for the residential mortgage servicer, residential vendor, and residential prime mortgage servicer rankings is 'Unfavorable,'" Morningstar said. "Morningstar believes that continuing regulatory scrutiny could have further negative consequences for OFC’s residential mortgage servicing business."
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Ocwen Financial moves from profit to loss

Beleagured nonbank books a $100M charge for potential settlement
Trey Garrison
Ocwen Financial missed analyst expectations by more than a dollar per share, posting a pretax loss of $75.3 million or $0.58 per share compared to a profit of $60.6 million and $0.39 one year ago as the company books a $100 million pretax charge for a potential settlement with the New York Department of Financial Services.
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Ocwen gets a bounce on rumors of possible settlement

$40M to settle the backdating issue could be in the cards
Trey Garrison
Ocwen Financial was nearly scuppered last week after the New York Department of Financial Services sent an open letter alleging it was backdating letters to borrowers, but the firm got a boost Wednesday afternoon on rumors reported initially by Bloomberg that it may settle the matter for about $40 million.
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This 1 chart shows just how bad last week was for Ocwen

See if you can spot when Lawksy’s letter was released
Ben Lane
If you want to know just how bad Ocwen’s week really was, all you need to do is look at one chart: Ocwen’s stock price.
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Ocwen posts open letter and apology to borrowers

Pledges independent investigation and rectification
Trey Garrison
Ocwen Financial has taken a beating after the New York Department of Financial Services sent a letter to the company on Oct. 21 alleging that the company had been backdating letters to borrowers, and now Ocwen is reaching out to homeowners. “We apologize to all borrowers who received misdated letters," the CEO said in a lengthy letter.
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Ocwen’s bad week just got worse

Fitch places Ocwen on rating watch negative
Ben Lane

Fitch said that it has “long-standing concerns” over Ocwen's aggressive growth and heavy concentration of offshore resources, and the current issues raise more concerns “over Ocwen's oversight of its systems and processes.”


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ProSys appoints Michael Harris as a principal and partner

Brings 20 years of experience in mortgage servicing
Levi Shultz
In his role, Harris will lead operations for the loss mitigation and post-foreclosure compliance outsourcing services.
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Looming layoffs at Bank of America signal shift in mortgage servicing

Impact already being felt throughout industry
Ben Lane
The impact of Bank of America's $16.65 billion settlement is beginning to be seen in the mortgage industry. The settlement will affect more than just the bank, the aggrieved homeowners and the government. It isn’t just the big banks that feel the pain of these settlements. It affects everyone.
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Wingspan lays off employees at Monroe call center

Workforce was once 400, now less than 100
Ben Lane
The Monroe News-Star reports that it spoke to five people who were laid off last week by Wingspan. They told the News-Star that Wingspan told them they were “furloughed” and could potentially be rehired if the company secures more business.
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