Monday Morning Cup of Coffee: Spring turnaround, or spring-loaded trap?

Monday Morning Cup of Coffee: Spring turnaround, or spring-loaded trap?

The direction of housing and mortgage finance could turn this week

Move lawsuit against Zillow clears contempt hurdle with settlement

Move declares "full steam ahead" in prosecution

Freddie Mac completes largest sale ever of seriously delinquent loans

GCAT Management Services wins all three pools
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Items Tagged with 'MSRs'

ARTICLES

Ocwen speeds exodus from mortgage servicing with latest, massive MSR sale

Nationstar buys in bulk, expects more deals soon
Ben Lane
In what’s becoming a weekly occurrence, Ocwen Financial announced Tuesday that it will sell off another massive agency mortgage servicing rights portfolio. The buyer this time? Nationstar, which is expecting more, similar deals to come.
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Ocwen to sell $9.6 billion mortgage servicing rights portfolio to Green Tree

Ocwen agency MSR exodus continues
Ben Lane
Ocwen Financial’s exodus from agency servicing just took another giant step forward. The company announced Wednesday morning that it intends to sell a $9.6 billion mortgage servicing rights portfolio to Green Tree Servicing, a subsidiary of Walter Investment Management.
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Sterne Agee lowers and suspends estimates on Ocwen’s debt refi

Analysts unsure what new Ocwen will look like going forward
Trey Garrison
Ocwen isn't going away but it is undergoing a transformation. Here's what analysts think now and why they don't know what to think going forward.
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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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Walter Investment posts $1.5B revenue for FY2014

Decline in net servicing revenues ends with $44M net loss in 4Q14
Trey Garrison
Walter Investment ended the year with a positive revenues and profits, but fourth quarter weakness and a fourth quarter net loss on income dragged the year's performance down. Here's what happened.
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Is self-servicing the future of mortgage servicing?

Thoughts on the future from MBA Servicing 2015
Ben Lane
Whether in the meeting rooms, in the hallways, or down on the expo floor of the Gaylord Texan, one of the main discussion topics at this year’s MBA Servicing conference has been the future of the mortgage servicing business. One trend that attendees are sure will continue is the migration of the mortgage process onto the web and servicers need to be prepared.
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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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HLSS board out? Investor power play continues

Mangrove Partners continues to push separation from Ocwen
Ben Lane
One of the 10 largest shareholders of Home Loan Servicing Solutions, Mangrove Partners, is following through on its threat to replace HLSS’ board of directors in an effort to force the company to end its relationship with Ocwen Financial.
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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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