Servicing

HomeStreet to sell a piece of its mortgage servicing portfolio

Bank will sell $5B of its single-family MSRs to Matrix Financial
Seattle bank HomeStreet announced this week it will sell a piece of its mortgage servicing rights to Matrix Financial Services. The deal, which includes an unpaid principal balance of $4.9 billion in single-family MSRs, amounts to approximately 20% of the bank’s single-family servicing portfolio.
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New Residential completes $190M acquisition of Lewis Ranieri’s Shellpoint Partners

Shellpoint is the parent company of New Penn Financial and others
New Residential Investment Corp.’s acquisition of Shellpoint Partners, a mortgage vehicle that is owned in part by Lewis Ranieri’s Ranieri Partners, is now complete. The companies announced this week that the $190 million deal, which was first announced in November 2017, is now finalized.
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Ocwen dumps Fitch, names interim CEO

Ending contract with ratings agency, also names replacement for departing CEO
Over the years, Fitch Ratings has frequently commented about Ocwen Financial, issuing reports and ratings actions about the nonbank’s business dealings, trials and tribulations. Well, that’s about to come to an end. But that's not the only big news that Ocwen made on Monday.
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Climate change threatens more than 300,000 coastal homes

Impact could be staggering over next 30 years
The sea level is rising, and now experts are predicting the impact on coastal homes in the U.S. could be staggering within the next 30 years. The new research shows about 311,000 homes could be flooded every two weeks within the next 30 years due to swelling oceans.
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Waters introduces bill to increase FHFA foreclosure oversight

Seeks to increase oversight of Fannie, Freddie loans
Ranking Member of the House Committee on Financial Services Maxine Waters, D-Calif., introduced a new bill that would increase oversight for mortgage servicers who work with Fannie Mae and Freddie Mac. Waters explained borrowers can’t choose their servicer so it’s especially important that Congress provide strong protections to prevent servicers from taking advantage of borrowers and to protect borrowers from foreclosure.
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New Freddie Mac job program helps homeowners in poverty areas

Announces partnership with NextJob
Freddie Mac announced Thursday that it entered into a new partnership to help current and aspiring homeowners find jobs in persistent poverty areas. Freddie Mac explained its goal that the partnership will provide meaningful opportunities to create and sustain homeownership for families across rural America.
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