Servicing

Foreclosure inventory falls to lowest level since housing boom

Mortgage delinquencies hold steady from previous month
Foreclosure inventory dropped to its lowest level in more than a decade in August, falling to the lowest level since August 2006. CoreLogic explained the effect of the drop in crude oil prices since 2014 has taken a toll on mortgage loan performance in some markets.
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DOJ suing Northwest Trustee Services for illegally foreclosing on veterans

Claims foreclosure trustee violated Servicemembers Civil Relief Act
“Our investigation revealed that Northwest Trustee Services repeatedly failed to comply with laws that are meant to ensure our service members do not have to fight a two front war – one on behalf of all of us, and the other against illegal foreclosures,” U.S. Attorney Annette Hayes said.
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Nationstar in talks with California, New York to settle regulatory issues

SEC filing reveals ongoing settlement negotiations
Earlier this year, the Consumer Financial Protection Bureau hit Nationstar Mortgage, the nonbank also known as Mr. Cooper, with a $1.75 million fine for the company’s alleged failure to comply with the reporting requirements of the Home Mortgage Disclosure Act. But it looks like that wasn’t the only regulatory issue the company is dealing with this year.
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Fannie Mae selling $1.23bn in NPLs to Goldman Sachs subsidiary

MTGLQ Investors buying another 7,500 loans
The winning bidder is MTGLQ Investors, which is a “significant subsidiary” of Goldman Sachs. Over the last few years, Goldman Sachs used MTGLQ to buy billions and billions in loans from both of the GSEs. And now, it's buying over than a billion more in loans from Fannie Mae.
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The Money Source unveils new subservicing platform, redefines servicing technology

Includes real-time information
New York-based The Money Source recently launched a new subservicing solution, helping bring updated technology to an infamously antiquated industry. Ali Vafai, president of The Money Source, explained in an interview with HousingWire why servicing is behind in technology innovation and what The Money Source is doing about it.
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Ocwen moves closer to profitability amid extensive business changes

Posts net loss of $6 million in third quarter
It’s been a rough year for Ocwen Financial, but the company’s executives said Thursday that despite the nonbank posting its 4th straight quarterly loss, they believe they have the company pointed in the right direction. Here's why Ocwen is positive about its future.
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Fannie Mae CEO: We are now devoting attention to mortgage servicing tech

"It's now technically possible to get to fully digital mortgages"
Fannie Mae CEO Tim Mayopoulos told HousingWire Thursday that Fannie Mae remains focused on trying to address frictions in the mortgage finance space. So what does all this mean? Fannie Mae is not just actively engaging with private vendors on the origination side. Indeed, the GSE intends to ramp up similar activities on the servicing side.
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Ocwen reaches mortgage servicing settlement with Hawaii

Settlement streak reaches 22 states
Ocwen Financial, fresh off agreeing to move its mortgage servicing operations away from its proprietary REALServicing platform to Black Knight’s LoanSphere MSP servicing system, reached another settlement with a state that brought regulatory action against the company earlier this year for servicing issues.
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Ocwen picks Black Knight to take over mortgage servicing operations

Shifts away from controversial proprietary REALServicing platform
Ocwen Financial is officially moving its mortgage servicing operations away from its proprietary REALServicing platform, which was at the center of the company’s recent regulatory troubles with more than 30 states and the Consumer Financial Protection Bureau. The winning bidder for Ocwen's servicing operations: Black Knight.
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