Mortgage Servicing News

"When so many loans get transferred, a lot of loans fall through the cracks," one observer notes.

Why Servicing Transfers Get Bungled

It can be difficult to have enough staff to handle an exchange of mortgage servicing rights, though companies are exploring different solutions

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Compliance

Latest Headlines

Ocwen Terminated as Servicer on Two Mortgage Trusts

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.

Ocwen Tumbles After Mortgage Servicer Fired From Bond Deals

Ocwen Financial Corp., the mortgage servicer under attack for its handling of home loans, slumped the most in more than a month after receiving notices that it was being fired from overseeing debt backing two bond deals.

New Residential Reports 4Q Net Income of $54M

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.

People Movers of the Week: Feb. 27

Mortgage professional hiring and new job appointments for the week ending Feb. 27.

House Flipping in Las Vegas Has Scaled Back But Remains Lucrative

House flippers are slowing down in Las Vegas and making less money than investors nationally, but they're still doing plenty of deals here and booking strong profits, a new report shows.

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Main Player Pleads Guilty in Pa. Mortgage Fraud Case

Ocwen Set to Lose Mortgage Servicing Contracts After Default

Ginnie Mae Tests Scorecard of Issuers' Performances

Servicing Costs Rise Despite Lower Delinquencies, Reversing Longtime Pattern

Nationstar Reports Net Income of $19M in 4Q

From Our Blogs

FALLING SHORT: "The fact that borrowers are redefaulting at such a high rate shows that many people are still struggling and cannot afford their modified HAMP payment," said Christy Romero, the special inspector general for the Troubled Asset Relief Program.

Redefaults Continue to Plague HAMP

One in three struggling homeowners who received a loan modification through the Home Affordable Modification Program ultimately redefaulted on those loan.Meanwhile, the program that was supposed to help some 4 million families avoid foreclosure has helped only a fraction of that amount, according to a report presented to Congress.

Compliance

Servicing

Mortgage Servicing Execs' Pay Now Tied to Compliance, Not Budget

The heightened regulatory environment for servicers has also prompted a wave of process improvements.

MBA Chair-Elect Beseeches Servicers: 'We Have to Get This Right'

The Mortgage Bankers Association's annual servicing conference opened with a plea from Quicken Loans CEO Bill Emerson for executives to remember their duty beyond collecting loan payments from borrowers.

With Ocwen, Enforcement Is a Balancing Act

It's not quite too big to fail, but Ocwen is the country's largest servicer of subprime mortgages. So if it were forced to sell itself, or even failed, the transfer of some $410 billion in servicing rights could create havoc in the mortgage market, industry experts said.