Items Tagged with 'MSR transfers'


  • Ocwen begins settling with states to remove mortgage servicing restrictions

    Consent orders reached with Illinois and Montana

    Back in April, more than 20 states clamped business restrictions on Ocwen Financial for alleged rampant errors with homeowners’ escrow accounts and other mortgage servicing issues. Now, five months later, Ocwen is beginning to dig its way out of from under those restrictions, but the company isn’t getting away clean.

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  • Ocwen now one giant step closer to acquiring MSRs again after new NYDFS agreement

    Reaches agreement with NYDFS to remove monitor
    For more than two years, Ocwen Financial has been prohibited from acquiring new mortgage servicing rights in bulk, thanks to the company’s $150 million settlement with the New York Department of Financial Services. Now, it appears that Ocwen could be on the brink of returning to the MSR market full force, after the nonbank announced Monday that it reached a new agreement with the NYDFS.
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  • Caliber Home Loans acquiring Banc Home Loans

    Nonbank buying mortgage lending operation of Banc of California
    For the second time in less than a year, Caliber Home Loans, an Irving, Texas-based residential mortgage origination and servicing company, is acquiring a regional residential mortgage lender that focuses on the Western part of the country. On Wednesday, Caliber announced plans to acquire Banc Home Loans, the mortgage banking division of Banc of California.
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  • Ocwen expects another loss in 2017 thanks to NYDFS, CFPB regulatory issues

    CEO: We believe we have earned the right to acquire MSRs again
    Despite the California Department of Business Oversight removing the state's mortgage servicing restrictions on Ocwen Financial, the nonbank is still prohibited from acquiring mortgage servicing rights in bulk, thanks to the company’s previous settlement with the New York Department of Financial Services. And those restrictions and other "regulatory challenges" will likely lead to another yearly loss for the nonbank.
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  • Ocwen reaches $223 million settlement with California over servicing violations

    Mortgage servicing restrictions lifted, can now acquire California MSRs
    Ocwen Financial announced late Friday that it reached a $223 million settlement with the California Department of Business Oversight, ridding itself of the restrictions that hampered its mortgage business in California for more than two years. The settlement includes a cash payment of $25 million. Ocwen is also required to provide an additional $198 million in debt forgiveness.
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  • ABS East: Lawsky has legacy MSRs “at a standstill”

    No significant legacy MSR transfers since NYDFS froze Ocwen deal
    During a panel at ABS East, a massive conference on the securitization and secondary market taking place this week in Miami, one panelist said that the MSRs on the loans that make up the pre-crash residential mortgage-backed securitizations are “at a standstill,” without an end in sight.
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  • Fitch: Rise of nonbank servicers threatens private-label RMBS

    Top five nonbank servicers now handle 64% of all private-label securities
    The rise of nonbanks presents heightened risks to investors, Fitch Ratings said in a new report. “In contrast to large commercial bank servicers, most nonbank servicers, including most of the current top five, have a weaker financial profile and are currently rated non-investment grade or are not publicly rated by Fitch.”
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  • $835 million in bulk MSRs coming to market

    Market continues to be considerably unfrozen
    "It’s an exceptionally clean GNMA portfolio, with a very low coupon and low delinquencies," said Robert Wellerstein, managing director at MountainView Servicing Group. "Given the high-quality product, portfolio size and experienced seller, we expect this package to garner a lot of interest among MSR buyers."
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  • KBRA: More smoke than fire in Ocwen’s restated earnings

    Cautions that MSR transactions could see more regulatory scrutiny
    Kroll notes that audit firms, like Deloitte & Touche, advise public companies on how to structure their finances related to GAAP, however “the public company is ultimately responsible for the public disclosure,” which leads to the public company “taking the blame” for what its auditor advised it to do.
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