PGA golfer Dustin Johnson sues Nat Hardwick for $3 million theft

PGA golfer Dustin Johnson sues Nat Hardwick for $3 million theft

Former LandCastle Title CEO was Johnson's attorney and "trusted advisor"

Are record-low interest rates masking high-cost mortgage lending?

Five leading economists weigh in and the answer may surprise you

Auction.com partners with Google to predict housing trends

Nowcast will predict in real time
W S

Items Tagged with 'MSRs'

ARTICLES

Ocwen posts open letter and apology to borrowers

Pledges independent investigation and rectification
Trey Garrison
Ocwen Financial has taken a beating after the New York Department of Financial Services sent a letter to the company on Oct. 21 alleging that the company had been backdating letters to borrowers, and now Ocwen is reaching out to homeowners. “We apologize to all borrowers who received misdated letters," the CEO said in a lengthy letter.
Read More

Blows keep raining down on Ocwen and its affiliates

Fifth ‘Lawsky event’ sours outlook among analysts
Trey Garrison
Like a Top 40 radio station, the hits just keep coming for Ocwen Financial in the wake of the latest broadside on Tuesday from the New York Department of Financial Services.
Read More

$1 billion in MSRs just became available

Loans backed by Fannie Mae and Ginnie Mae
Ben Lane
The portfolio features 97% fixed-rate and 100% first-lien product, a weighted average original FICO score of 716, a weighted average original loan-to-value ratio of 86%, and a weighted average interest rate of 4.53%, MountainView said.
Read More

DFS Superintendent Lawsky accuses Ocwen of backdating borrower letters

Stock plunges; Ocwen fires back
Trey Garrison
New York Department of Financial Services Superintendent Benjamin Lawsky alleges that Ocwen Financial has been backdating potentially hundreds of thousands of letters to borrowers “likely causing them significant harm.”
Read More

NTC study alleges up to 490,000 homeowners face inaccurate servicing records

Faulty data can be passed from servicer to servicer
Trey Garrison
Nationwide Title Clearing found that out of 2,285,665 servicing database records that were verified against the collateral file, 24,490 loans (1.07%) had significant discrepancies.
Read More

This could happen now that mortgage rates dropped below 4%

Sterne Agee: A refi boom coming?
Trey Garrison
Housing prices continue to slow and are hopefully reaching a growth rate in line with interest rates and income growth, but now mortgage interest rates have gone below 4%. What does this mean for the industry?
Read More

BofA beats expectations but sees declining revenue, per share value

Litigation costs, decline in originations, MSRs weigh on 3Q
Trey Garrison
Bank of America beat analyst expectations, reporting net income of $168 million for the third quarter of 2014, on top of shrinking revenues driven by decline in originations and mortgage servicing rights, among other factors.
Read More

Bank of America finds buyer for Countrywide subprime MSRs

RMBS ratings unaffected
Ben Lane
It looks as though Bank of America is ready to push past Benjamin Lawsky’s supposed freeze of the legacy MSR market with a transfer of legacy MSRs to Select Portfolio Servicing, according to a note from Moody’s Investors Service.
Read More

Nationstar recovers from "neutral" to "buy"

Sterne Agee upgrades the nonbank
Levi Shultz
According to Nationstar’s spokesman, John Hoffman, the company became one of the largest mortgage servicers in the U.S., boasting a reverse mortgage portfolio of $28.9 billion UPB as of March 31, 2014.
Read More

ABS East: Lawsky has legacy MSRs “at a standstill”

No significant legacy MSR transfers since NYDFS froze Ocwen deal
Ben Lane
During a panel at ABS East, a massive conference on the securitization and secondary market taking place this week in Miami, one panelist said that the MSRs on the loans that make up the pre-crash residential mortgage-backed securitizations are “at a standstill,” without an end in sight.
Read More