Items Tagged with 'MSR sale'

ARTICLES

  • 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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  • PHH finalizes sale of Freddie Mac mortgage servicing rights portfolio to New Residential

    Moves closer to complete sale of MSR portfolio
    At the end of last year, PHH announced that it planned to sell off its entire mortgage servicing rights portfolio in a massive deal with New Residential Investment. Now, that process is moving closer to being complete, as PHH disclosed Monday that it recently completed the sale of “substantially all” of its Freddie Mac MSR portfolio to New Residential.
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  • Fitch: Here's the impact of Ocwen's massive MSR deal with New Residential

    Sale would be for approximately 80% of Ocwen's non-agency RMBS portfolio
    Ocwen Financial may be facing serious allegations from the CFPB and a hefty group of state regulators about the company’s mortgage servicing practices, but that isn’t stopping New Residential Investment Corp. from contracting Ocwen to subservice a huge portfolio of loans. According to a new report from Fitch Ratings, that deal will not have an impact on Ocwen’s servicer ratings. But, as Fitch notes, the deal will certainly have an serious impact on Ocwen’s servicing portfolio.
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  • State banking regulators crush Ocwen's business with sweeping new restrictions

    Mortgage business obliterated by state banking regulators
    Citing numerous issues with consumer escrow accounts and a “deficient financial condition,” a consortium of state banking regulators just put Ocwen Financial’s mortgage business on life support. A bombshell announcement from the North Carolina Commissioner of Banks claims that more than 20 state mortgage regulators issued cease-and-desist orders to Ocwen, which prohibits the acquisition of new mortgage servicing rights and the origination of mortgages.
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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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  • Here's how and why CitiMortgage is leaving mortgage servicing

    A deeper dive into a complex deal
    CitiMortgage surprised few in the housing business on Monday when it announced that it agreed to a massive mortgage servicing rights deal with New Residential Investment and Nationstar Mortgage. As it often is with deals of this type, the devil is in the details. And one of the details of this deal is that the MSR sale is a precursor to CitiMortgage completely exiting the mortgage servicing business. Here’s a breakdown of how the deal works, and why Citi plans to leave mortgage servicing behind.
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  • PHH selling off entire mortgage servicing rights portfolio

    New Residential buying up all PHH's MSRs, PHH will subservice for 3 years
    Nearly two months after announcing plans to sell off its Ginnie Mae mortgage servicing rights portfolio, PHH said Wednesday that it now plans to sell its entire remaining mortgage servicing rights portfolio in a massive deal with New Residential Investment.
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