Items Tagged with 'Nonbank Mortgage Servicer'

ARTICLES

  • 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.
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  • Nationstar no more: Nonbank is now officially Mr. Cooper

    Company takes on most unique name in the mortgage business
    A process that began nearly two years ago is now complete. Nationstar Mortgage is now officially Mr. Cooper. Nationstar’s massive rebranding, which HousingWire first reported back in December 2015, became official on Monday morning, with the nonbank dropping the Nationstar name and becoming Mr. Cooper.
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  • Nationstar posts net loss of $20 million, but the news is better than it seems

    Adjusted earnings rises to $42 million
    Nationstar Mortgage, the company soon to be known as Mr. Cooper, reported Thursday that it saw its first quarterly net loss in a year, but the news is actually better than it appears. Overall, Nationstar posted a GAAP net loss of $20 million (or $0.20 per diluted share) in the second quarter, but on an adjusted basis Nationstar saw earnings of $42 million, or $0.43 per share.
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  • Ocwen falls back into the red in Q4, but results are much better than last year

    Posts net loss of $10.4 million compared to loss of $224.3 million in 2015
    Ocwen Financial surprisingly returned to profitability in the third quarter of 2016, breaking a four-quarter streak of losses, but the company’s time in the black appears to be short-lived. The nonbank reported Wednesday that it posted a net loss for the fourth quarter of 2016, but the loss is far smaller than the company reported during the same time period last year.
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  • 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.
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  • Ocwen lays off 120 employees as cost-cutting continues

    Reduction made to 'better align resources' with current strategy
    Ocwen Financial is in the midst of what it already said would be a tough year for the company. To counteract the expected losses, Ocwen said that it is undertaking several cost-cutting efforts throughout 2016. Included in those cost-cutting efforts is a reduction in the company’s staff, as HousingWire can report that Ocwen recently laid off 120 employees from various office locations throughout the U.S.
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  • Walter Investment tanks thanks to low interest rates

    Posts GAAP net loss of $172.7 million in first quarter, stock plummets
    The first quarter's historically low interest rates did more than just negatively impact the earnings of Freddie Mac, which reported a $354 million net loss in the first quarter. The quarter's low rates also obliterated the bottom line of Walter Investment Management Corporation.
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  • 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.
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