Items Tagged with 'mortgage servicing'

ARTICLES

  • Ocwen all but drops Ocwen name, will operate as PHH Mortgage and Liberty Home Equity Solutions

    Completes integration, transfers 1 million loans to Black Knight LoanSphere
    Ocwen Financial announced Monday that it has hit two milestones enabling the company to officially originate and service loans through its two primary brands: PHH Mortgage for forward servicing and lending, and Liberty Home Equity Solutions for reverse lending and servicing. In effect, the mortgage giant is leaving behind its tarnished name, saying that it will consider a future rebrand.
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  • Freedom Mortgage to acquire RoundPoint Mortgage Servicing

    Merger to create 7th largest U.S. servicer
    Freedom Mortgage and RoundPoint Mortgage Servicing are planning to merge, the companies announced Friday. The deal will make RoundPoint a wholly owned subsidiary of Freedom and boost its servicing portfolio to more than $300 billion. Click the headline to read more.
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  • Mortgage borrowers win protection in Ditech bankruptcy, Ditech fights back

    New York court must rule on Ditech's objection
    The long and winding saga of Ditech's bankruptcy continues, as the U.S. Trustee grants a request to create a committee to protect consumer interests in the proceedings. The committee is intended to ensure that borrowers who have a mortgage with Ditech or its subsidiaries don't get trampled in the proceedings, but if Ditech has its way, this group will be disbanded before it has a chance to weigh in.
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  • Growing pains for Mr. Cooper? Nonbank takes big loss thanks to lower interest rates

    Adds more than 400,000 new servicing customers, but takes MSR-related loss
    Mr. Cooper grew its business significantly in the first few months of the year, closing the acquisitions of Pacific Union Financial and IBM’s Seterus mortgage servicing platform in the first quarter alone. But despite all of that, the nonbank formerly known as Nationstar Mortgage still took a big financial loss in the first quarter, due to lower interest rates.
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  • Caliber Home Loans fined for allegedly steering struggling homeowners into risky mortgage modifications

    Massachusetts claims Caliber offered interest-only loans instead of permanent mods
    Caliber Home Loans will pay a $2 million fine and hand out an unknown number of mortgage modifications to borrowers in the state of Massachusetts to settle allegations that the company steered struggling homeowners into risky mortgage modifications.
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  • HomeStreet selling off majority of mortgage business to Homebridge, New Residential, PennyMac

    Origination business going to Homebridge; MSRs to New Res, PennyMac
    HomeStreet Bank's move away from mortgages is nearly complete. Earlier this year, HomeStreet announced that it was planning to shift its business away from mortgages by selling off its retail mortgage origination business and a big chunk of its mortgage servicing rights. Now, the bank has found buyers for its mortgage business: Homebridge Financial Services, New Residential Mortgage, and PennyMac.
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  • Altisource selling financial services business to Transworld Systems

    Will receive $44 million for the sale
    Altisource Portfolio Solutions announced last week that it is selling its financial services business to Transworld Systems, a provider of accounts receivable management, healthcare revenue cycle and loan servicing solutions. Altisource's financial services business includes Nationwide Credit, a provider of collections, customer relationship management and call center outsourcing for the financial, retail credit, mortgage servicing, insurance, utility, and hospitality industries.
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  • Ocwen settles with Massachusetts over alleged "widespread" mortgage servicing issues

    Settlement will see Ocwen provide $2 million in restitution
    Ocwen will provide $2 million in restitution to mortgage borrowers in the state of Massachusetts as part of settlement with the state over alleged "widespread" mortgage servicing problems. The settlement brings an end to a lawsuit filed by the state against the nonbank back in May 2017, which accused Ocwen of charging homeowners for "unnecessary and expensive force-placed insurance policies," imposing "excessive fees on delinquent borrowers," and failing to "properly process escrow and insurance payments."
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