Servicing

Servicing

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Mortgage servicing drags down Nationstar Mortgage 1Q earnings

Some loss offset by Xome improvements
Nationstar Mortgage Holdings' earnings followed in the steps of Freddie Mac and Walter Investment Management Corporation as its took a hit from the first quarter’s historically low interest rates. However, this didn't ruin the everything, thanks to these key areas of strength.
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Former president of Ginnie Mae: Agency should split from HUD

It's time to reconsider Ginnie Mae's role within HUD
Ginnie Mae would be considered a blue-chip institution in the private sector but is unable to plot its own budgetary course, which is a major impediment to growth and stability. Today, Ginnie is a success story. It has outgrown its role as a specialist supporting HUD and, instead, has ballooned to become a core industry driver. Something needs to change.
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Walter Investment tanks thanks to low interest rates

Posts GAAP net loss of $172.7 million in first quarter, stock plummets
The first quarter's historically low interest rates did more than just negatively impact the earnings of Freddie Mac, which reported a $354 million net loss in the first quarter. The quarter's low rates also obliterated the bottom line of Walter Investment Management Corporation.
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California loss-mitigation bill creates more problems than it solves

Here are 8 unclear and dangerous provisions of bill
California continues its effort to pass a law that would require loan servicers to work with successors to borrowers on loss mitigation options. Unfortunately, SB 1150, while well intended, has the potential to create more problems than it solves. Here are just some of the unclear and dangerous provisions of bill.
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Ocwen responds to National Mortgage Settlement foreclosure holds

Ocwen: These holds are not 'frozen foreclosures'
Early Thursday morning, Joseph Smith, the monitor of the National Mortgage Settlement, announced that Ocwen Financial was not in compliance with one of the performance metrics of the National Mortgage Settlement and prohibited the nonbank from taking foreclosure actions on more than 17,000 loans. In a lengthy response published Thursday afternoon, Ocwen responded to Smith's office and the nature of the sanctions that Smith's office placed on it.
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CFPB: Changes to TRID coming soon

Bureau responds to industry trade group concerns
Top industry groups banded together to get the CFPB to reopen talk around the rule, and it worked. The CFPB said it has begun drafting a Notice of Proposed Rulemaking on the Know Before You Owe rule. And it's probably coming faster than you think.
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