Outsourcing

Two decades of experience with offshoring has shown that shifting operations work from knowledgeable, local workers to people in another country with oftentimes limited training comes with risks — of errors, of misunderstandings and of security lapses.

Credit union service organization myCUmortgage has launched a new mortgage servicing operation, providing its members with another option to deal with the payment function.

Ocwen Financial Corp.'s loan servicing subsidiary has reached a settlement with the Washington State Department of Financial Institutions' consumer services division over the servicer's practice of using unlicensed offshore companies.

Reynolds and Reynolds subsidiary International Document Services has added a fulfillment dashboard to its idsDoc mortgage document preparation system.

Appraisal management company Accurate Group is looking to expand its nationwide appraiser network.

PHH Corp. said Merrill Lynch plans to bring more of its origination activity back in house and that could hurt pretax earnings by $13 million in the second half of the year.

Walter Investment Management Corp. lost $232.4 million in the second quarter as the company took $216 million in charges related to its mortgage servicing portfolio.

Gershman Mortgage will on an outsourced basis to provide loans insured by HUD for Land Home Financial Services' commercial lending division.

The Consumer Financial Protection Bureau released a plan Thursday to overhaul the debt collection industry that would limit collection attempts to six per week and require confirmation of a debt before contacting consumers. The plan, however, is not yet directed at banks and credit card companies.

LenderLive has reorganized its various business divisions under two new units — LenderLive Network and LenderLive Services.

ISGN Corp. has completed the sale of its business process outsourcing unit to Firstsource Group USA, a subsidiary of the Indian firm RP-Sanjiv Goenka Group.

PHH Corp. reported a first-quarter loss of $30 million, which included a $10 million pretax adjustment to the value of its mortgage servicing rights.

Nationstar Mortgage Holdings reported a $132.4 million loss for the first quarter of 2016, showcasing once more the toll falling interest rates have taken on companies across the mortgage industry.

During the mortgage crisis, servicers recruited people from the origination business to help with loan modifications. Now the two sides of the industry are coming together in a new way.

Mutual of Omaha Bank and an affiliate of PlainsCapital Bank in Dallas have partnered to sell residential mortgages.

PHH Corp. said its loan closing dollar volume will decrease this year, after Bank of America's Merrill Lynch announced plans to withdraw business from the firm.

MetaSource in Salt Lake City has acquired Titan Lenders Corp. to bolster its mortgage outsourcing and technology capabilities.

PHH Corp. reported a bigger loss in the fourth quarter, on costs to restructure its business and a loss on sales of mortgage servicing rights.

Amid growing scrutiny of how the hand-off of mortgages is managed after loan closings and bulk sales, servicers are working to automate the entire process to create a consistent and accurate onboarding experience for borrowers.

Blackstone portfolio company Incenter has agreed to purchase Interactive Mortgage Advisers.