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.