Items Tagged with 'MSR deal'

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State banking regulators crush Ocwen's business with sweeping new restrictions

Mortgage business obliterated by state banking regulators
Citing numerous issues with consumer escrow accounts and a “deficient financial condition,” a consortium of state banking regulators just put Ocwen Financial’s mortgage business on life support. A bombshell announcement from the North Carolina Commissioner of Banks claims that more than 20 state mortgage regulators issued cease-and-desist orders to Ocwen, which prohibits the acquisition of new mortgage servicing rights and the origination of mortgages.
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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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Here's how and why CitiMortgage is leaving mortgage servicing

A deeper dive into a complex deal
CitiMortgage surprised few in the housing business on Monday when it announced that it agreed to a massive mortgage servicing rights deal with New Residential Investment and Nationstar Mortgage. As it often is with deals of this type, the devil is in the details. And one of the details of this deal is that the MSR sale is a precursor to CitiMortgage completely exiting the mortgage servicing business. Here’s a breakdown of how the deal works, and why Citi plans to leave mortgage servicing behind.
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PHH selling off entire mortgage servicing rights portfolio

New Residential buying up all PHH's MSRs, PHH will subservice for 3 years
Nearly two months after announcing plans to sell off its Ginnie Mae mortgage servicing rights portfolio, PHH said Wednesday that it now plans to sell its entire remaining mortgage servicing rights portfolio in a massive deal with New Residential Investment.
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Walter Capital Opportunity Corp. selling $10 billion MSR portfolio to New Residential

Sale expected to generate $90 million for Walter Investment Management Corp.
Last week, after Walter Investment Management Corp. reported its third straight quartely loss, CEO Anthony Renzi said he believes the company is on the right track in an effort to return to profitability. On Wednesday, the company announced a move that will indeed generate cash for the company, enough to nearly wipe out its entire third quarterly loss.
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$3.2 billion Fannie Mae, Freddie Mac MSR portfolio hits the market

Loans are "very high quality"
Buyers looking to get their hands on the mortgage servicing rights to some “high quality” mortgages backed by Fannie Mae and Freddie Mac are in luck, as a bulk portfolio is out for sale. According to MountainView Servicing Group, which is acting as the exclusive sale advisor, the portfolio features mortgage servicing rights to loans with $3.26 billion in unpaid principal balance.
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