Servicing systems

Bank of America is exiting the mortgage lien release business by entering into an agreement to sell this unit to First American Financial Corp.

Ocwen Financial Corp. lost $6.1 million in the third quarter, as pretax losses from its origination business outweighed any profits generated from the servicing side.

Ocwen Financial Corp. will move its servicing portfolio to Black Knight's LoanSphere MSP system of record, following years of regulatory scrutiny of its existing technology provided by Altisource Portfolio Solutions.

LoanCare, a Virginia Beach, Va.-based subservicer, can now service mortgages registered with MERS as e-notes by using DocMagic's e-vaulting technology.

The Consumer Financial Protection Bureau said Wednesday that it would give mortgage servicers more time to notify distressed borrowers who have asked not to be contacted about the collection of their debts.

Picking a new benchmark for adjustable-rate mortgages is the easy part. Industrywide implementation is where things get tricky.

A decline in overall customer brand perception has stalled mortgage servicer satisfaction, ending a multiyear trend of steady improvements, according to J.D. Power.

Incenter Mortgage Advisors is brokering a $2 billion portfolio of mortgage servicing rights on agency loans with imaged files on behalf of an undisclosed seller.

From blockchain to digital labor, here's a recap of the best moments and insights from the Mortgage Bankers Association's 2017 technology conference.

HSBC has met the consumer relief requirements set out under the National Mortgage Settlement, according to the latest report from the settlement's monitor.

Ocwen has reserved $12.5 million to put toward a potential settlement with the Consumer Financial Protection Bureau.

Black Knight Financial Services has integrated its Lien Alert portfolio monitoring tool with its LoanSphere MSP servicing system.

Nationstar Mortgage Holdings has unveiled a new website and mobile application, which will include educational content, interactive data tools and modules regarding mortgage payments.

Fidelity National Financial plans to distribute the stock it owns in Black Knight Financial Services to its shareholders as part of a plan to simplify the corporate structure of the two companies and increase Black Knight's liquidity.

Treasury Secretary-designate Steven Mnuchin wasted no time Wednesday wading into one of the thorniest debates in the financial services arena, saying the Trump administration would seek to end government control of Fannie Mae and Freddie Mac.

While nonbank servicers are expected to continue to gain greater market share in 2017, much of that growth will come from their own loan origination activity rather than mortgage servicing rights purchases and subservicing, according to a report from Fitch Ratings.

The Federal Communications Commission has denied a request to exempt servicers from getting consent before robo-calling borrowers' mobile phones, rejecting arguments that the waiver would enable the mortgage industry to better help delinquent borrowers.

The Consumer Financial Protection Bureau will require underperforming servicers to document the technology and process changes they're making to implement the agency's recently released servicing regulations.

By decreasing costs through technology, outsourcing and scale, servicers not only can give their margins a much-needed boost, but also set themselves up to reap rewards in the future.

Necessity, as they say, is the mother of invention. Unfortunately, it's taken years of widespread regulatory upheaval for mortgage servicing to find it necessary to start thinking about technology innovation.