Bank of America reportedly reaches $17 billion RMBS settlement

KBRA: More smoke than fire in Ocwen’s restated earnings

Cautions that MSR transactions could see more regulatory scrutiny

Truth is, those recent housing numbers aren't so shiny

Housing starts? More like housing stops, amirite?
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Items Tagged with 'Mortgage servicing rights'

ARTICLES

KBRA: More smoke than fire in Ocwen’s restated earnings

Cautions that MSR transactions could see more regulatory scrutiny
Ben Lane
Kroll notes that audit firms, like Deloitte & Touche, advise public companies on how to structure their finances related to GAAP, however “the public company is ultimately responsible for the public disclosure,” which leads to the public company “taking the blame” for what its auditor advised it to do.
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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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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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HomeStreet sells MSRs, mortgages

Reduces mortgage concentration
Brena Swanson
HomeStreet sold $211 million of its held-for investment single-family mortgages in the second quarter, recognizing a $3.9 million gain.
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Nationstar: "Our capital and liquidity position remain strong"

FHFA blocked servicer's MSRs
Brena Swanson
Although the Federal Housing Finance Agency Office of the Inspector General’s most recent report over nonbank special servicers tried to keep the troubles of one company anonymous, all fingers point to Nationstar.
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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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Louisiana’s mortgage servicers now required to be licensed

New law takes effect on June 30
Ben Lane
Louisiana House Bill 807, signed into law by Governor Bobby Jindal on May 28, amends state law to require mortgage servicers to be licensed by the state. Previously, only residential mortgage lenders, brokers and originators were required to be licensed to do business in the state.
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Benjamin Lawsky just made it easier to be a mortgage banker in New York

Sometimes he offers you a carrot, not just the stick
Ben Lane
It’s probably safe to say that Benjamin Lawsky isn’t the most popular guy in some mortgage bankers’ offices these days. But fear not, mortgage bankers…especially those in New York. Lawsky’s office has just made your lives much easier.
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