Servicing

The agreement, which is extended for five years, also expands upon the delinquent mortgages services Altisource will provide to Ocwen.

While cash-out refinances were a “significant driver” of risky loans leading to the Great Recession, those mortgages pose less of a threat due to tighter underwriting standards, according to Milliman.

The company aims to use the additional capacity to get its non-qualified mortgage business back to producing $125 million per month, and anticipates more purchases of mortgage servicing rights, representatives said in its Q1 earnings call.

An economic rebound, stimulus payments and COVID-19 vaccinations contributed to new delinquencies dropping to an all-time monthly low with more recovery ahead, according to Black Knight.

The complaint exemplifies the Department of Housing and Urban Development’s focus on “fair servicing” in addition to fair lending.

The mortgage insurance business had adjusted operating income of $126 million in the first quarter, down from $148 million one year ago.

The West Palm Beach, Fla.-based lender sees an opportunity for even more growth after its deal to acquire a servicing portfolio from Texas Capital Bank.

The company says its first quarter net income nearly doubled from its showing in Q4 2020, due in part to cost-cutting and servicing income. It also revealed more information about unauthorized payment drafts by its vendor.

A total of 480,000 customers may have been affected by the duplicate drafts and so far it looks like far fewer than 1% of them incurred non-sufficient funds fees, Mr. Cooper said Tuesday.

The modifiable templates are a follow-up to a similar notification the organization created in 2019 for lender use.