Items Tagged with 'nonbank mortgage servciers'


  • Pennsylvania now requires nonbank servicers to be licensed to operate in state

    Deadline for licensing applications is June 30, 2018
    Nonbank mortgage servicers have five months to get licensed in the state of Pennsylvania if they want to keep operating in the state. The Pennsylvania Department of Banking and Securities announced this week that it will soon begin accepting licensing applications from nonbank servicers as part of the state’s move to increase oversight into mortgage servicing.
    Read More
  • Fitch: Mortgage servicers are in for a rough year

    Low interest rate environment, rising refinances lead to shrinking portfolios
    Many of the largest bank and nonbank mortgage servicers saw their portfolios decline in the first quarter of 2016, according to a new report from Fitch Ratings. And with mortgage interest rates remaining near historic lows ever since the Brexit, things aren't likely to get much better for mortgage servicers this year.
    Read More
  • Elizabeth Warren pushing CFPB for more oversight of nonbank mortgage servicers

    Joins with Congressman Elijah Cummings to call for increased regulation
    In a letter sent Monday to Consumer Financial Protection Bureau Director Richard Cordray, Sen. Elizabeth Warren and Rep. Elijah Cummings called on the CFPB to increase its oversight of nonbank mortgage servicers, citing a report from the U.S. Government Accountability Office on the rise of nonbank servicers and CFPB's lack of information about them.
    Read More
  • Ocwen posts big loss, erasing profits for 2015

    Nonbank needs a big boost to get back in black
    As the company itself predicted just last month, Ocwen Financial is now in a position to record a loss in 2015, after the nonbank reported Wednesday that it generated a net loss of $66.8 million in the third quarter. Ocwen actually posted profits – albeit small ones – in the first and second quarters of this year, but those profits have been undone by Ocwen’s rough third quarter.
    Read More
  • Ocwen now expects to record a loss in 2015

    Sets goal to become top 10 residential mortgage lender
    Citing lower revenue expectations coupled with higher expected operating, interest and tax expenses, Ocwen Financial now predicts it will post a loss in 2015. It would mark the second straight year with a loss for the once-booming nonbank.
    Read More
  • Ocwen tanks in wake of poor second quarter results

    Stock drops more than 30% in early trading
    After seeing its income from operations in the second quarter fall nearly $100 million from last year and despite the company’s CEO saying that the company “made positive strides on many fronts in the second quarter,” Ocwen Financial is taking a beating on the stock market on Friday. So what's causing Ocwen's drop?
    Read More
  • Ocwen’s profits fall sharply in second quarter

    Company announces $150 million cost-cutting program
    After returning to profitability in the first quarter, reversing a trend that saw it lose $546 million in 2014, Ocwen Financial reported Thursday that it also made a profit in the second quarter – albeit a much smaller one. Here are all the details.
    Read More
  • Fitch now has “positive” outlook for Ocwen’s servicer ratings

    Cites operational improvements in wake of NYDFS settlement
    Mere days after Standard & Poor’s cut the servicer rankings of Ocwen Loan Servicing from “average” to “below average," citing a “deficient” internal controls environment that has not kept pace with the company’s growth, the Ocwen Financial ratings roller-coaster continues.
    Read More
  • S&P cuts Ocwen’s servicer rankings to “below average”

    Internal audit results reveal “high-risk findings” in key areas
    Citing a “deficient” internal controls environment that has not kept pace with the company’s growth, Standard & Poor’s downgraded the servicer rankings of Ocwen Loan Servicing from “average” to “below average.” Click through to read more.
    Read More