Subservicing

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.

PHH Corp.'s first-quarter net loss more than doubled as the troubled mortgage company dumps its origination unit and servicing rights and rebuilds as a subservicer.

As Nationstar Mortgage Holdings finalizes plans to change its name to Mr. Cooper, the nonbank lender and servicer is exploring options to part ways with Xome, the settlement services and real estate business it rebranded less than two years ago.

Mid America Mortgage has purchased a $2.7 billion portfolio of Ginnie Mae mortgage servicing rights that its subservicer, LoanCare, took possession of Tuesday.

In an echo of the rescue deals of 2007 and 2008, New Residential's CEO framed the transaction as something undertaken to benefit the entire industry.

The onslaught of regulatory actions against Ocwen may open the door for Nationstar to pick up a massive subservicing portfolio from the beleaguered servicer.

Citi has named David Chubak as head of global retail banking and mortgage for the global consumer bank, replacing Jonathan Larsen, who resigned late last year.

PHH Corp. President and CEO Glen Messina will step down in June at the company's annual meeting.

PHH Mortgage Corp. will lay off 69 employees in Amherst, N.Y., at the end of June and then exit the Wehrle Drive building it leases.

New Residential Investment Corp. had net income of $225 million in the fourth quarter, more than double the $103 million reported for the same period in 2015.

New Residential Investment Corp. has priced the public offering of more than 49.2 million shares of its stock that it plans to use to pay for its purchase of mortgage servicing rights from CitiMortgage.