Servicing

Here’s the latest data on the impact of Hurricanes Harvey and Irma on mortgages

Black Knight: Texas and Florida non-current mortgages surge
Given the timing of the hurricanes and based on observations from previous hurricanes, the worst of the impact from Hurricanes Harvey and Irma was predicted to come in September. Now almost two months after Hurricane Harvey, Black Knight’s “first look” report at the September 2017 mortgage data provides initial numbers on the impact of the hurricanes.
Read More

Ocwen reaches mortgage servicing settlement with Texas

Latest in string of settlement with state mortgage regulators
Another day, another mortgage servicing settlement for Ocwen Financial. Recently, the nonbank has been on a settlement streak, reaching agreements with 20 of the 31 states that took regulatory actions against Ocwen earlier this year over alleged escrow issues and restricted Ocwen’s ability to acquire new mortgage servicing rights and originate new loans. Now, it’s Texas’ turn.
Read More

Ocwen settles with three more states to ease mortgage servicing restrictions

Add Arkansas, Tennessee, and Washington, D.C. to the list
Ocwen Financial’s streak of settling with states that previously restricted Ocwen’s ability to acquire new mortgage servicing rights and originate new loans in each state continues. The nonbank disclosed Tuesday that it reached agreements with Arkansas, Tennessee, and the District of Columbia, bringing the total number of states it’s settled with to 20.
Read More

Annaly Capital Management CEO Kevin Keyes to become board chairman in 2018

Annaly co-founder Wellington Denahan retiring as executive chairman
Annaly Capital Management, one of the nation’s largest mortgage real estate investment trusts, announced Wednesday that the company’s co-founder and former CEO, Wellington Denahan, will retire as executive chairman and chairman of the board at the end of the year. Replacing Denahan in those roles will be Kevin Keyes, who currently serves as Annaly’s CEO and president.
Read More

Fannie Mae looking to shed $3.62 billion in loans from its books

Multiple sales of non-performing and re-performing loans
Fannie Mae is looking to sell off $3.62 billion in loans, as the government-sponsored enterprise announced Wednesday that its making approximately 8,600 non-performing loans and approximately 9,900 re-performing loans available for purchase. Here are the details.
Read More

Scandal: Former staffer at National Community Stabilization Trust among 7 indicted for foreclosure profiteering

Accused of taking bribes to funnel foreclosures to certain nonprofits
The former director of community development at the National Community Stabilization Trust, a national nonprofit that works to stabilize communities affected by the foreclosure crisis, is among seven people indicted last month for allegedly participating in a conspiracy to profiteer off of foreclosures. According to the U.S. Attorney’s Office for the District of Nevada, Sergio Barajas allegedly accepted bribes to funnel foreclosures to certain nonprofits.
Read More

CIT Bank selling Financial Freedom, exiting reverse mortgage business

Financial Freedom acquired as part of OneWest Bank deal
CIT Bank is getting out of the reverse mortgage business. CIT announced late last week that it is selling Financial Freedom, the reverse mortgage company it acquired as part of its 2015 acquisition of OneWest Bank. In the last few months, Financial Freedom’s supposed business practices became big topics of discussion in various parts of Washington, D.C., due to Department of the Treasury Secretary Steven Mnuchin’s relationship to OneWest Bank.
Read More