Subservicing

From responding to natural disasters to emerging technology strategies, here's a look at six top trends on the agenda for the 2018 MBA Servicing Conference.

Pennsylvania will soon start accepting applications for new servicing licenses added to address the growth of nondepositories, joining other states with similar authority.

Ocwen Financial is receiving a lump-sum payment of $280 million from New Residential under the latest restructuring of the mortgage servicing rights sale.

PHH Corp. agreed to a $45 million settlement to resolve allegations from 49 states and the District of Columbia that it engaged in "foreclosure process abuses" involving "inconsistent signatures" in its servicing business from 2009 to 2012. The settlement comes as the nonbank mortgage company continues its legal challenge to a separate regulatory action by the CFPB.

The largest residential mortgage servicers will get even larger in 2018, benefiting from consolidation and the outsourcing of servicing rights acquired by companies without their own platforms.

Newfi Lending is now approved by Fannie Mae as a seller/subservicer and by the Federal Housing Administration as a "Full Eagle" Mortgagee.

After 10 years of operation, RoundPoint Mortgage Servicing Corp. has launched a retail mortgage lending division.

New Residential Investment Corp. is planning to purchase Shellpoint Partners in the first half of next year for $190 million with an additional earn-out over the next three years.

PHH Corp.'s net loss grew in the third quarter as the company took a hit from the costs of its transformation to being a subservicer and portfolio retention originator.

Nationstar Mortgage Holdings posted net income of $7 million for the third quarter, its first under the new Mr. Cooper consumer-facing brand.

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

Incenter Mortgage Advisors is brokering on behalf of an unnamed mortgage banker an almost $10 billion mortgage servicing rights package that includes $870 million in loans with hurricane exposure.

The portfolio of conforming loans is currently being subserviced by Nationstar Mortgage Holdings on behalf of Seneca Mortgage Investments.

The nonbank lender and servicer's long-awaited rebrand comes along with wholesale changes across its entire operation to better emphasize the customer experience.

PHH Corp. lost $46 million in the second quarter as it continues efforts to exit mortgage origination and servicing and instead focus on subservicing.

Ocwen Financial Corp. recorded a $44.4 million net loss in the second quarter related to its court battles and other expenditures, including costs related to its exit from correspondent lending.

PHH Corp. transferred ownership of the largest chunk of its remaining mortgage servicing rights — its Fannie Mae portfolio — to New Residential Investment Corp.

Managing portfolios for an influx of servicing rights investors helps mortgage companies augment revenue and keep rising costs and compliance risks in check.

PHH Corp. completed the sale of its Freddie Mac mortgage servicing rights portfolio to New Residential Corp. for $102 million, but the sale of the Fannie Mae MSRs will take place in the third quarter.

New entrants in mortgage servicing are rethinking how business is done, creating more division between holders of mortgage servicing rights and the entities that actually manage loans.