Embattled mortgage servicer Ocwen Financial faces up to $26 billion in damage claims by bondholders and a greater risk of being fired as a mortgage servicer on thousands of small, private-label trusts.
New Residential Investment Corp. posted net income of $54 million in the fourth quarter, as the company gears up to close its acquisition of Home Loan Servicing Solutions.
Having the extra time for implementation has been helpful because mortgage companies were experiencing difficulties meeting the first deadline for the change in procedure, which affects government-insured reverse mortgages.
The rate of delinquencies of 90 days or more has trended downward since 2009, but servicing costs have generally been rising, according to the Mortgage Bankers Association. That is not the way it used to work.
Total revenue fell for Stonegate Mortgage Corp. in the fourth quarter as lower interest rates and a flattened yield curve hit interest income.
The Federal Housing Administration's recent premium reduction is undercutting the private sector and expanding the government's role in the housing market, housing finance industry representatives told a House subcommittee on Thursday.
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- Mortgage Servicing Execs' Pay Now Tied to Compliance, Not Budget
- Courts Confirm Fannie and Freddie Are Sovereign Credits: Report
- Have CFPB Rules Stifled Mortgage Credit? The Answer's Complicated
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