Servicing

Servicing

ARTICLES

Rising Stars entry deadline extended!

Fine, twist our arms…
A favorite saying of ours is “deadlines spur action,” and in the case of our Rising Stars awards program, it’s proving true. Quite a few of you are waiting until the last minute to get your nominations in. We’ve heard from quite a few folks that are feeling the pressure of that impending deadline, and we feel you. We get it. And we’re not monsters around here. We’re here to help.
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Ocwen SEC filing reveals details of CFPB mortgage servicing investigation

Nonbank set aside $12.5 million for potential settlement
During Ocwen’s investor call, CEO Ron Faris was asked about the company’s disclosure in its fourth-quarter earnings that it set aside $12.5 million for “potential” regulatory settlements. Faris responded by directing observers to the disclosures in the company’s upcoming 10-K filing with the SEC. Well, Ocwen filed its 10-K on Thursday, and as it turns out, that $12.5 million is for a potential settlement with the CFPB.
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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.
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Ocwen falls back into the red in Q4, but results are much better than last year

Posts net loss of $10.4 million compared to loss of $224.3 million in 2015
Ocwen Financial surprisingly returned to profitability in the third quarter of 2016, breaking a four-quarter streak of losses, but the company’s time in the black appears to be short-lived. The nonbank reported Wednesday that it posted a net loss for the fourth quarter of 2016, but the loss is far smaller than the company reported during the same time period last year.
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Want to be on the cover of HousingWire Magazine? Here's your chance

One Rising Star award winner honored with magazine cover
Have you ever wanted to be on the cover of a magazine? You get to show off to all your friends, family, and colleagues – many of whom will likely come traipsing into your office and begrudgingly ask for your autograph. Have you ever wanted to the envy of the entire housing industry? Well, here’s your chance to do both.
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Nationstar revenue increases 45% in Q4

Net income increases nearly 500%
Nationstar finished 2016 with a bang, increasing its revenue by 45% and its net income by nearly 500%. But those aren’t the only increases the company saw during the fourth quarter. Nationstar’s CEO explains what this means for the company in 2017.
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PHH adds Stephen Staid as senior vice president of servicing

Replacing Marty Foster, who is retiring after 20 years
PHH will soon have a new senior vice president of servicing, as the company announced Tuesday that Marty Foster plans to retire after spending 20 years with the company. Replacing Foster as senior vice president of servicing will be Stephen Staid, a 25-year veteran of the industry.
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Another Republican senator introduces bill to "dismantle" CFPB

Sen. Mike Rounds wants to cut off all CFPB funding
Sen. Ted Cruz, R-Texas, introduced a bill repealing Title X of the Dodd-Frank Wall Street Reform Act, which established the CFPB. But Cruz wasn’t alone last week in launching a full-scale assault on the controversial governmental agency. Sen. Mike Rounds, R-South Dakota, also introduced a bill last week that would kill off the CFPB, albeit in a different way than Cruz’s bill.
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myCUmortgage gets into mortgage servicing business

Will provide mortgage servicing to credit unions
Credit unions that want to keep their mortgage servicing within the credit union family now have a new option, as myCUmortgage announced Tuesday that it is launching a mortgage servicing operation. As for why myCUmortgage is getting into the servicing business, the company's president said that most credit union members don’t get a mortgage loan from a credit union expecting that the servicing will be transferred away.
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