Items Tagged with 'MSR sale'

ARTICLES

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.
Read More

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.
Read More

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.
Read More

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.
Read More

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.
Read More

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.
Read More

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.
Read More

Ocwen returns to profitability for first time since Q2 2015

Sets aside additional $10 million for settlement with California
Earlier this year, when Ocwen Financial reported a net loss for the second quarter, marking its fourth straight quarter of taking a loss, the company’s executives said that despite the “legacy” issues Ocwen faced, they believed the company was on a path back to profitability. What they didn’t say is just how long it would take the nonbank to get back into the black. As it turns out, it only took one quarter.
Read More

$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.
Read More