Nonbank

Earnings at Discover Financial Services plunged by 33% in the fourth quarter, largely due to a charge tied to the firm's mortgage business and a previously announced revision to its flagship credit card program.

Ocwen Financial Corp. named two new members to its board of directors as the nonbank servicer works to repair its image in the eyes of regulators and investors.

New residential construction in the U.S. rose more than forecast in December, capping the best year since 2007 and signaling the industry will probably keep expanding this year.

Mortgage brokers and nonbank lenders who operate outside the reach of federal bank regulators are thriving in Canada after the country introduced a half-dozen mortgage rules since 2008 to cool its soaring home prices.

Movement Mortgage, with more than 1,600 employees, will build a new national headquarters at the Bailes Ridge Business Park in Indian Land, S.C.

Altisource Portfolio Solutions promoted John Vella to the new position of chief revenue officer in a bid to grow beyond its relationship with embattled former parent Ocwen Financial.

The Ocwen spinoff Altisource Portfolio Services delivered notices to more than 800 employees and hundreds of contractors this week as part of the company's scramble to reassure investors.

Mortgages for Gulf War veterans have more than tripled since 2008, which along with a spirited outreach program and the post-crisis credit squeeze, has helped fuel a steady increase in Department of Veterans Affairs lending.

Mortgage-focused real estate investment trusts, including those affiliated with Western Asset Management and Pine River Capital Management, are backing loans to Americans who don't meet banks' requirements.

Ares Management LP won a $700 million commitment to invest in U.S. commercial real estate for a life insurance client.

Facing the prospect of losing its license in California, Ocwen would be wise to settle its probe by state regulators in a timely manner, observers said. If it doesn't, the mortgage servicer could lose significant revenue and might even face a cash crunch.

Ocwen Financial Corp., one of the biggest U.S. mortgage servicers, fell the most ever after a newspaper reported that California is seeking to suspend its license.

Freddie Mac in the next month plans to approve three more lenders, including one bank, to make multifamily loans between $1 million and $5 million for GSE purchase and securitization, according to an official. Banks were not initially courted.

Lenda, a new mortgage company backed by Silicon Valley investors, wants to supplant the traditional loan officer with consumer self-service technology.

Home values have risen fastest in markets where institutional buyers bought up scores of foreclosed homes and then rented them out. But these investor have largely curtailed their buying, and may even be ready to start selling off more properties to profit from the run-up in home prices. That could be good news for first-time buyers.

The amount of commercial mortgage debt maturing is set to spike this year, when loans taken out during the height of the real estate bubble start coming due.

Madison International Realty in New York has acquired 5.3% of the outstanding shares of Monogram Residential Trust.

The CFPB’s rapid pace is likely to continue this year as it tackles some of its trickiest areas yet, including payday loans, debt collection and overdraft protection, which are likely to have a significant impact on the financial services arena.

Bank servicers have a compliance dilemma: they need to quickly shed mortgage-servicing rights ahead of Basel III at a time when regulators are keeping a close watch on the manner in which transfers are handled.

The nation's largest banks have attacked their delinquent loan portfolios with gusto, but they may hit some barriers in 2015. The market for nonperforming loans is still robust with about $60 billion estimated to change hands in 2014.