Subservicing

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.

Citigroup's decision to exit mortgage servicing by the end of 2018 is part of a long-term strategy to increase returns and sharpen the bank's focus on its core retail customers.

Citigroup's plans to sell a $97 billion mortgage servicing portfolio and subservice its remaining accounts highlights the growing prevalence of nondepository servicers and raises questions about how much capacity exists for these institutions to absorb more large deals.

New Residential Investment Corp. is planning a public offering of more than 49.2 million shares of its stock to pay for its purchase of mortgage servicing rights from CitiMortgage.

Citigroup plans to exit the mortgage-servicing business by the end of 2018 to focus on making new loans.

Nonbank servicers should proactively ask for guidance on the Consumer Financial Protection Bureau's muddled private-label servicing policies, as they are likely to soon be under scrutiny.

PHH is selling its remaining residential mortgage servicing portfolio to the real estate investment trust New Residential.

PHH Corp. plans to close a Buffalo, N.Y.-area office next year, which will result in the layoff of 80 employees, extending the staff reductions already taken in 2016.

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.

PHH Corp. is getting out of the private-label mortgage origination business in the wake of Merrill Lynch ending its relationship, plus it is selling its Ginnie Mae servicing rights to Lakeview Loan Servicing.

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.