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Items Tagged with 'Mortgage servicing rights'

ARTICLES

Ocwen tanks in wake of poor second quarter results

Stock drops more than 30% in early trading
After seeing its income from operations in the second quarter fall nearly $100 million from last year and despite the company’s CEO saying that the company “made positive strides on many fronts in the second quarter,” Ocwen Financial is taking a beating on the stock market on Friday. So what's causing Ocwen's drop?
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$2 billion Ginnie Mae bulk MSR portfolio hits market

Loans carry weighted original loan-to-value ratio of 94%
Mortgage servicers seeking to get their hands on some Ginnie Mae servicing now have that opportunity, thanks to a nearly $2 billion mortgage servicing rights portfolio that’s now available for sale. Here are all the pertinent details.
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Ocwen’s profits fall sharply in second quarter

Company announces $150 million cost-cutting program
After returning to profitability in the first quarter, reversing a trend that saw it lose $546 million in 2014, Ocwen Financial reported Thursday that it also made a profit in the second quarter – albeit a much smaller one. Here are all the details.
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$1.25 billion bulk MSR portfolio hits the market

Underlying loans backstopped by Fannie Mae and Freddie Mac
A $1.25 billion bulk offering of mortgage servicing rights is available for sale, according to MountainView Servicing Group, a provider of residential mortgage servicing rights sales and valuation advisory services, which is advising on the sale.
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Hatteras Financial acquires Pingora Asset Management

Expects to begin investing in mortgage servicing rights in July
Hatteras Financial, a real estate investment trust, announced the acquisition of Pingora Asset Management and Pingora Loan Servicing, a specialized asset manager focused on investing in new production performing mortgage servicing rights and servicing residential mortgage loans.
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S&P cuts Ocwen’s servicer rankings to “below average”

Internal audit results reveal “high-risk findings” in key areas
Citing a “deficient” internal controls environment that has not kept pace with the company’s growth, Standard & Poor’s downgraded the servicer rankings of Ocwen Loan Servicing from “average” to “below average.” Click through to read more.
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OCC slaps Wells Fargo, JPMorgan, others with mortgage servicing restrictions

Failed to fulfill requirements of the Independent Foreclosure Review
The Office of the Comptroller of the Currency slammed Wells Fargo, JPMorgan Chase and other banks with new mortgage servicing restrictions due to their failure to comply with requirements of the Independent Foreclosure Review, the Office of the Comptroller of the Currency announced Wednesday.
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Ocwen pays down more debt with MSR sales proceeds

Continues in stated plan to deleverage
Ocwen Financial announced Wednesday morning that it is using the proceeds of a sale of mortgage servicing rights to pay down a portion of its senior secured term loan. The pay down is the latest in Ocwen's push to deleverage itself, a development that some view as a positive for the company's future.
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