Ocwen Financial – which will soon fall into the ‘megaservicer’ category – saw its stock drop 3% Thursday after reporting strong earnings. The reason for the fall: it missed the expectations of certain analysts. But rest assured: Ocwen’s share price might have a long way to run. Not only is it buying MSRs on the cheap (while commercial banks howl about excessive servicing regulations and Basel III) but it is rapidly gaining a reputation as a low coast servicer that doesn’t think twice about shipping U.S. (white collar) jobs overseas – a touchy issue for both mortgage bankers and politicians. However, it’s easier to ship servicing jobs to Bangalore than production employees. I doubt Ocwen will attempt to ship origination jobs to India as it focuses on growing its production arm. After all, loan officers must be licensed with the states, something that the company cannot avoid by using ‘virtual’ LOs in India.
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House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
July 3 -
A labor shortage is costing the market tens of thousands of new homes per year, and tariff uncertainty is adding thousands of dollars in expenses per unit.
July 3 -
The pace of revenue growth slowed toward the end of 2024, with the trend continuing into the first three months of this year, NAHB reported.
July 3 -
Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
July 3 -
The 10 basis point decline in the 30-year fixed mortgage was the most since March and the first time rates are below 6.7% since April, Freddie Mac said.
July 3 -
The firm, now going by Fairway Home Mortgage, said the change is a representation of plans to create a "connected ecosystem."
July 3