Servicing

Ocwen Financial Corp. is on a shopping spree, and it's not planning to stop anytime soon.

The Federal Housing Finance Agency Thursday morning released new estimates on the ultimate cost of bailing out Fannie Mae and Freddie Mac, cutting its worst case scenario projection to $311 billion from $363 billion.

The climb out of the real estate depression will be a long, slow one for all but one market sector: apartments, according to the annual Emerging Trends outlook report.

Both the chief executive officer and the chairman of the board of Freddie Mac are stepping down within the next few months, the Federal Housing Finance Agency said late Wednesday.

County lawyers in Texas are setting their sights on MERS, claiming Merscorp Inc. and its subsidiary, Mortgage Electronic Registration Systems Inc., avoided paying millions in property recording fees.

Flagstar Bancorp, the nation's sixth largest wholesale originator, lost just $14 million in the third quarter, a sign that it may finally be headed toward the black after years of losses.

Philip Wegener, president of Malibu, Calif.-based Central Mortgage who has been working in the REO business for 39 years, believes he discovered the missing link to help asset managers and brokers figure out how to price bank-owned properties correctly.

To improve proof of performance inspection reporting, Spectrum Field Services will now allow all of its customers the opportunity to use Pruvan's latest smartphone certification platform.

Freddie Mac acquired $32.3 billion of mortgages from its seller/servicers during September, up 16% on a sequential basis, and its best purchase month since February, according to new figures released by the GSE.

In response to the Federal Housing Finance Agency's request for information regarding how the government-sponsored enterprises should handle their REO asset disposition, FirstService Corp. supports the idea that large-scale REO sales should go to institutional investors who have management infrastructure.