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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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
April 25 -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
April 25 -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
April 25 -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
April 25 -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
April 25 -
Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
April 25