This is what justifies Texas economic pride

This is what justifies Texas economic pride

Happy Independence Day, Texas

Morgan Stanley expects mortgage bond lawsuit from New York AG

Subprime securitizations at the center of lawsuit

Things at Ocwen just went from bad to much, much worse

Embattled company hit with an avalanche of bad news
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Items Tagged with 'Mortgage servicing rights'

ARTICLES

Ocwen troubles aren’t over yet

Preparing to book $370-$420 million goodwill charge off
Ben Lane
When Ocwen Financial does finally report its yearly financial data, there will be several more negative items in the ledger, and the company is attempting to preemptively alleviate investor concerns by getting out in front of the news. In a press release Monday, the company said that it is expecting its fourth quarter and year-end results to be affected by a $370-$420 million non-cash charge to write-off goodwill.
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Altisource Portfolio Solutions reports 2014 net income of $134.5 million

Ocwen’s troubles force cutbacks, including layoffs
Ben Lane
Despite its business taking a hit due to Ocwen Financial’s regulatory troubles, Altisource Portfolio Solutions still reported a 3% increase in net income in 2014, with the company’s income rising from $129.97 million in 2013 to $134.49 million in 2014.
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Stonegate just grew warehouse lending by 888%

No, that’s not a typo
Ben Lane
Stonegate Mortgage Corporation reported an incredible 888% year-over-year increase in its warehouse lending in the fourth quarter, rising from $47.8 million in 2013 to $472.4 million in 2014. But it still wasn't enough to help Stonegate turn a profit in 2014.
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LoanCare becomes Fitch-rated servicer

Company’s operational history and infrastructure cited as strengths
Ben Lane
Citing the company’s operational history, infrastructure and management as strengths, Fitch Ratings assigned residential mortgage servicer ratings to LoanCare. Fitch also noted that its ratings actions reflect the financial strength of LoanCare’s ultimate parent company, Fidelity National Financial, which acquired LoanCare in 2009.
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PHH lost $191 million in 2014

Reports net loss of $33 million in 4th quarter
Ben Lane
PHH Corp. reported a net loss from continuing operations of $191 million, or $3.47 per basic share, in 2014. It was a sharp reversal from PHH’s performance in 2013, when the company reported a net income of $69 million from continuing operations.
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$3 billion bulk MSR portfolio hits the market

Features Fannie and Freddie-backed loans
Ben Lane
According to MountainView, which is acting as the advisor on the sale, the new portfolio features recently originated loans. The loans are also 100% fixed-rate and first lien product and carry a weighted average original FICO score of 755.
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Cherry Hill Mortgage to acquire Aurora Financial

Acquisition includes $700 million in MSRs
Ben Lane
As part of the $4 million transaction, Cherry Hill will acquire Aurora’s portfolio of mortgage servicing rights, which carries an approximate unpaid principal balance of $700 million.
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Hedge fund investor demands HLSS terminate Ocwen relationship

Mangrove Partners accuses board of “dereliction of duty”
Ben Lane
One of the ten largest shareholders of Home Loan Servicing Solutions is accusing the company’s board of “dereliction of duty” and demanding that HLSS terminate its business relationship with Ocwen Financial, which subservices all of the mortgage loans that HLSS holds servicing rights for.
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$736 million bulk MSR portfolio available for sale

Includes Fannie, Freddie & Ginnie-backed loans
Ben Lane
MountainView Servicing Group announced the sale of a $736 million bulk portfolio of mortgage servicing rights featuring loans backed by Freddie Mac, Fannie Mae and Ginnie Mae. Read on for more details.
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BSI Financial and Fay Servicing to provide servicing for Altisource Residential

Companies to provide administration, management
Ben Lane
Under the terms of the servicing agreements, both vendors will “service and provide certain administration, management, modification and disposition services for residential mortgage loans and REO properties acquired by the company and its subsidiaries from time to time.”
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