MSR

The gain on sale in the retail channel dropped by more than half annually, as the wholesale and joint venture channel endured an even tighter squeeze due to competitive pressures

The bank saw a modest increase in net income from the first quarter, as lawsuit settlements tied to the company’s discontinued home lending business and fees regarding an anti-money laundering and securities class action suit continue to limit growth.

The bank produced $1 billion less in originations while its gain on sale fell 49 basis points from the first quarter.

The bank's second quarter production revenue was down 32% from the first quarter, even as volume increased 4%.

The $16 billion Champion Mortgage portfolio sale follows Ocwen Financial’s purchase of different assets from MAM a few weeks prior.

The alternative minimum tax would challenge at least one influential nonbank and big depositories, according to a new Keefe, Bruyette & Woods report.

The plan "is part of a larger democratic attack on home ownership that includes an increase in the taxes on capital gains as well as an end to 1031 exchanges for the sale of property," writes the head of Whalen Global Advisors.

The transaction goes a long way toward the company’s goal to amass MSRs with a total unpaid principal balance of up to $150 billion.

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

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.