Items Tagged with 'mortgage servicing'

ARTICLES

Ocwen now one giant step closer to acquiring MSRs again after new NYDFS agreement

Reaches agreement with NYDFS to remove monitor
For more than two years, Ocwen Financial has been prohibited from acquiring new mortgage servicing rights in bulk, thanks to the company’s $150 million settlement with the New York Department of Financial Services. Now, it appears that Ocwen could be on the brink of returning to the MSR market full force, after the nonbank announced Monday that it reached a new agreement with the NYDFS.
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Caliber Home Loans acquiring Banc Home Loans

Nonbank buying mortgage lending operation of Banc of California
For the second time in less than a year, Caliber Home Loans, an Irving, Texas-based residential mortgage origination and servicing company, is acquiring a regional residential mortgage lender that focuses on the Western part of the country. On Wednesday, Caliber announced plans to acquire Banc Home Loans, the mortgage banking division of Banc of California.
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Ocwen SEC filing reveals details of CFPB mortgage servicing investigation

Nonbank set aside $12.5 million for potential settlement
During Ocwen’s investor call, CEO Ron Faris was asked about the company’s disclosure in its fourth-quarter earnings that it set aside $12.5 million for “potential” regulatory settlements. Faris responded by directing observers to the disclosures in the company’s upcoming 10-K filing with the SEC. Well, Ocwen filed its 10-K on Thursday, and as it turns out, that $12.5 million is for a potential settlement with the CFPB.
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Ocwen expects another loss in 2017 thanks to NYDFS, CFPB regulatory issues

CEO: We believe we have earned the right to acquire MSRs again
Despite the California Department of Business Oversight removing the state's mortgage servicing restrictions on Ocwen Financial, the nonbank is still prohibited from acquiring mortgage servicing rights in bulk, thanks to the company’s previous settlement with the New York Department of Financial Services. And those restrictions and other "regulatory challenges" will likely lead to another yearly loss for the nonbank.
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Ocwen falls back into the red in Q4, but results are much better than last year

Posts net loss of $10.4 million compared to loss of $224.3 million in 2015
Ocwen Financial surprisingly returned to profitability in the third quarter of 2016, breaking a four-quarter streak of losses, but the company’s time in the black appears to be short-lived. The nonbank reported Wednesday that it posted a net loss for the fourth quarter of 2016, but the loss is far smaller than the company reported during the same time period last year.
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PHH adds Stephen Staid as senior vice president of servicing

Replacing Marty Foster, who is retiring after 20 years
PHH will soon have a new senior vice president of servicing, as the company announced Tuesday that Marty Foster plans to retire after spending 20 years with the company. Replacing Foster as senior vice president of servicing will be Stephen Staid, a 25-year veteran of the industry.
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myCUmortgage gets into mortgage servicing business

Will provide mortgage servicing to credit unions
Credit unions that want to keep their mortgage servicing within the credit union family now have a new option, as myCUmortgage announced Tuesday that it is launching a mortgage servicing operation. As for why myCUmortgage is getting into the servicing business, the company's president said that most credit union members don’t get a mortgage loan from a credit union expecting that the servicing will be transferred away.
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California regulator reveals what Ocwen did wrong

Auditor found "hundreds" of violations of law
Ocwen Financial announced late last week that it successfully extricated itself from the mortgage servicing restrictions placed on it by the California Department of Business Oversight. The final settlement total included $198 million in debt forgiveness. So why was the settlement so big? Turns out that Ocwen’s operations weren’t exactly squeaky clean for the last few years.
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Ocwen reaches $223 million settlement with California over servicing violations

Mortgage servicing restrictions lifted, can now acquire California MSRs
Ocwen Financial announced late Friday that it reached a $223 million settlement with the California Department of Business Oversight, ridding itself of the restrictions that hampered its mortgage business in California for more than two years. The settlement includes a cash payment of $25 million. Ocwen is also required to provide an additional $198 million in debt forgiveness.
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