Ocwen slips back into the red for the third quarter
Minus various expenses including corporate, legal and servicing rights valuation, Ocwen had adjusted pretax income of $13.5 million.
Subservicing
Ocwen gives liquidity update on potential servicing advances
Ocwen Financial has approximately $749 million of liquidity from various sources to deal with servicing issues arising from the coronavirus, a company press release said.
End of a New Residential subservicing agreement to benefit Ocwen
The cancellation by New Residential of a money-losing subservicing agreement should benefit Ocwen's financial results going forward, the company said.
Mr. Cooper acquiring IBM’s servicing platform, $48B loan portfolio
Mr. Cooper Group is buying servicing rights on $24 billion in mortgages, a subservicing contract for an additional $24 billion in home loans and the Seterus platform from IBM.
Lenders that also service mortgages face tough capital decisions
Nonbank lenders are gearing up for new secondary market requirements and must make some difficult choices about whether to buy, sell or hold mortgage servicing rights, says Ruth Lee, the executive vice president of MorVest Capital.
Servicers’ status for 2019? It’s complicated
Mortgage servicing assets are poised for gains in 2019. But as higher average mortgage rates spur lenders to sell servicing rights and diversify their loan offerings, servicers' work will also get more complicated and costly.
New Penn to become NewRez in 2019
New Penn Financial will change its name to NewRez at the start of 2019, reflecting its acquisition earlier this year by New Residential Investment Corp.
$713M in GSE, Ginnie Mae servicing rights up for bid
Incenter Mortgage Advisors is putting up for bid a $712.8 million package of government-sponsored enterprise and Ginnie Mae mortgage servicing rights concentrated in the Southeast.
3 conditions before Ocwen and PHH are clear to close
From investor angst to regulatory scrutiny, here's a look at three obstacles that must be addressed before Ocwen Financial can acquire PHH Mortgage.
How Ocwen plans to rebuild servicing scale with PHH deal
Ocwen Financial Corp.'s acquisition of PHH Corp. will help the nonbank servicer rebuild scale that's been diminished by years of regulatory restrictions and the decline in distressed mortgage volume brought about by improvements in the overall housing market.
3 reasons why Ocwen Financial is buying PHH Mortgage
From accelerating its subservicing transformation to overcoming regulatory obstacles, here's a look at three reasons behind Ocwen Financial Corp.'s $360 million acquisition of PHH Corp.
New Residential to acquire Shellpoint Partners for $190M
New Residential Investment Corp. is planning to purchase Shellpoint Partners in the first half of next year for $190 million with an additional earn-out over the next three years.
Wells Fargo acquires $51 billion in mortgage servicing rights
The portfolio of conforming loans is currently being subserviced by Nationstar Mortgage Holdings on behalf of Seneca Mortgage Investments.
