Servicing

Ditech runs into trouble with creditors; boots COO after just 9 months

More rough waters ahead for nonbank
Well, we’ve gone a solid two months without a bad headline for Ditech Holding Corp., the nonbank formerly known as Walter Investment Management, but it looks like the company is in trouble again. The company disclosed in an SEC filing that it's run into more trouble with creditors and is firing its COO after just nine months.
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Radian acquires real estate software and data analytics provider Five Bridges Advisors

Company will eventually carry Radian name
Radian Group is continuing with its stated strategy to diversify its business offerings and boosting its real estate software and data analytics capabilities, as the company announced Wednesday that it acquired Five Bridges Advisors. The company provides mortgage, consumer, and real estate analytics, along with valuation and risk management tools for the entire loan lifecycle, from underwriting and origination to servicing, secondary market purchase, and securitization.
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IBM lays off 310 mortgage servicing staff at Seterus

Layoffs announced days after Mr. Cooper reveals Seterus purchase
More than 300 employees working for mortgage servicer Seterus in Durham, North Carolina, will be out of a job come March. The news comes just days after Mr. Cooper announced it had purchased Seterus from IBM in a deal expected to close in the first quarter of the year, and coincides with layoffs in Mr. Cooper's origination channel.
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Democrats move to prevent foreclosures, evictions on unpaid federal workers

22 Democrats introduce legislation to protect federal workers
There are approximately 800,000 federal workers who are either furloughed or working without pay thanks to the government shutdown. The FHA has already asked the mortgage industry to help those workers with their mortgages, but a group of nearly two dozen congressional Democrats want more protection than that.
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Servicers must adjust operation policies to meet HUD conveyance deadlines and avoid delays

Q&A with Michael Greenbaum on the role HUD plays for conveyance deadlines
Reconveyances are one of the biggest challenges mortgage servicers face. With constant changes in leadership, guidelines, HUD vendors and the interpretations of regulations, servicers face significant hurdles with FHA loans. Michael Greenbaum, COO of Safeguard Properties, talks about the steps servicers can take to meet conveyance deadlines and the expansion of FHA's CWCOT program.
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Today's low default market provides opportunities for innovation, tech and growth

Chad Mosley and Marti Diaz talk about preparing MCS's technology, processes and people for growth
What should mortgage companies focus on in a low default environment? Two executives from MCS, COO Chad Mosley and Chief Human Resources Officer Marti Diaz, argue that now is the perfect time to focus on innovating your technology, processes and people.
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Class action lawsuit on forced-placed insurance for reverse mortgages gets green light

Judge fails to dismiss suit against CIT Bank, Financial Freedom and 3 insurance companies
A federal judge in New Jersey denied a motion to dismiss a class action lawsuit over force-placed insurance policies for reverse mortgage borrowers. The suit claims that CIT Bank, its former subsidiary Financial Freedom, and three insurance companies conspired to defraud borrowers by charging excessive fees for forced-placed insurance applied to their properties.
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