Servicing

Wells Fargo is back in the mortgage securitization business

Prepares to issue first securitization since the housing crisis
Once an absolute giant in the mortgage securitization space, Wells Fargo has been noticeably absent from the list of issuers since the housing crisis, but that’s all about to change. The lender is preparing to issue its first mortgage-backed securitization since the meltdown, and unlike its past securitizations, this one is backed by the highest of high-quality loans.
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LenderLive rebrands as Covius

Move signals company's focus on tech
LenderLive Holdings announced Tuesday that it has rebranded as Covius Holdings to reflect its strategy to provide enhanced technology solutions. The move comes just before the company sells its LenderLive Network to Computershare. “With the pending sale of our Network Division, we chose a new brand – Covius – that reflects our new strategic direction,” said Chairman and CEO Rob Clements.
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Fannie Mae CEO Tim Mayopoulos stepping down within days

Fannie Mae names Hugh Frater interim CEO
For the first time in more than six years, Fannie Mae will soon be run by someone other than Tim Mayopoulos. Back in July, Fannie Mae announced that Mayopoulos planned to step down “by the end of the year,” but did not specify a date for his departure. Now, Mayopoulos’ days as Fannie Mae’s CEO are numbered – literally.
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NYSE parent company ICE acquires MERS

ICE buys remaining stake in mortgage registry
Intercontinental Exchange, the parent company of the New York Stock Exchange, is now also the parent company of MERSCORP Holdings, as the companies announced Friday that ICE has acquired all of MERS.
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Ocwen completes $360 million acquisition of PHH, Glen Messina takes over as CEO

Former PHH CEO assumes leadership of newly combined company
PHH Corp. is now officially part of Ocwen Financial, as Ocwen’s $360 million acquisition of PHH is now complete, the companies announced Thursday morning. But those aren’t the only big changes for Ocwen and PHH. In conjunction with the deal’s closing, former PHH CEO Glen Messina has officially taken over as president and CEO of Ocwen.
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Baseline stakes its claim in HECM space

Offers reverse companies data and insight to fine-tune their business
Analytics provider Baseline is staking its claim in the reverse mortgage space. The firm offers clients a deep dive into HECM data with origination trends, performance stats and endorsement info – and companies are taking note. Baseline launched two years ago, but it took time for the company to gain traction. Now, President Dan Ribler said it has picked up significant market share.
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Bernie Sanders wants to break up the nation’s biggest banks (again)

Sanders repeats campaign call to break up big banks
Back when he was a presidential candidate, Sen. Bernie Sanders, I-VT, called for sweeping reforms to the nation’s financial system, including breaking up the big banks. And now, he's at it again. On Wednesday, Sanders announced that he is introducing the “Too Big to Fail, Too Big to Exist Act,” which would break up JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs, and Morgan Stanley.
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From HW Magazine

Sagent Lending Technologies: Providing a true partnership model for developing solutions

Lenders leverage LoanServ to find efficiencies in the back office
Newly independent and inspired by a vision of where lending technology is going, Sagent brings an entrepreneurial energy to its clients that’s grounded in industry-leading credibility. Stressing that it’s only successful when its clients are successful, Sagent believes in a true partnership model with a healthy back and forth between its expert team of developers and the lenders the company has promised to serve.
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From HW Magazine

Hot Seat: Matt Richardson of Manley Deas Kochalski

Ohio court rulings continue to cause concern for servicers
The Ohio courts are still grappling with the Ohio Supreme Court's Holden decision from 2016. In this case, the Court made what appeared to be a simple holding that nevertheless has created new disputes in the lower Ohio courts and even the Ohio federal courts. There is now a split of authority in the Ohio courts, both state and federal, regarding how long the statute of limitations is for a cause of action under the mortgage.
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Ocwen’s $360 million acquisition of PHH to close in days

Deal gets thumbs-up from regulators, but NYDFS has some conditions
Ocwen Financial’s $360 million acquisition of PHH Corp. is set to close within the next two weeks after approvals are received from all relevant regulatory agencies and governmental entities, the companies announced Friday morning. But the companies didn’t skate through the approval process totally unscathed. Finalizing the deal comes with some conditions from the New York Department of Financial Services, which has long been a thorn in Ocwen’s side.
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