Google+
  • Ocwen28.04-0.87 -3.01%
  • Zillow130.97-1.05 -0.80%
  • Trulia55.59-0.41 -0.73%
  • NationStar34.82-0.06 -0.17%
  • CoreLogic27.96-0.21 -0.75%
  • RE/MAX30.29-0.64 -2.07%
  • Fannie Mae3.15-0.15 -4.55%
  • Freddie Mac3.18-0.10 -3.05%
  • Wells Fargo53.36+0.12 +0.23%
  • CitiMortgage53.48-0.18 -0.34%
  • Bank of America16.95-0.09 -0.53%
  • Auction.com0.00N/A N/A
  • Fidelity National Financial27.78-0.36 -1.28%
  • Black Knight Financial0.00N/A N/A
  • AUDUSD=X0.8927N/A N/A
  • USDJPY=X109.02N/A N/A
  • WP Stock Ticker
Home | Tag Archives: American Home Mortgage Servicing

Tag Archives: American Home Mortgage Servicing

Ocwen Enters Agreement to Buy Homeward Residential for $750M

Ocwen Financial Corporation will purchase Homeward Residential Holdings, Inc. for $750 million, Ocwen announced Wednesday in a release. Ocwen will buy the Dallas-based servicer and originator from private equity firm WL Ross & Co. The breakdown for the transaction includes $588 million in cash and $162 million in Ocwen convertible preferred stock.

Read More »

Moody’s Ranks Subprime Servicers Based on Cash Flow

Based on a metric devised by Moody’s Analytics, GMAC, SLS, and American Home performed better compared to other subprime servicers in terms of cash collected relative to losses on delinquent loans. This was mainly due to shorter liquidation timelines that resulted in lower loss severities on liquidated or foreclosed properties, according to an article in Moody's ResiLandscape. GMAC's high metric is due primarily to shorter liquidation timelines and because the servicer maximizes cash flow on modified loans by keeping the re-default rates in line with the industry average even though it offers relatively low levels of relief in terms of principal and interest.

Read More »

Treasury Reinstates HAMP Incentives as Servicers Show Improvement

Treasury says servicers participating in the Home Affordable Modification Program (HAMP) are getting better at evaluating homeowners for eligibility. Its latest performance assessment found no company in need of ""substantial improvement."" OneWest Bank and Select Portfolio Servicing performed at the highest level, needing only minor improvement. As part of the $25 billion settlement announced last month, Treasury has agreed to release incentives previously withheld from Bank of America and JPMorgan Chase.

Read More »

AHMSI Announces Name Change to Reflect Expansion

American Home Mortgage Servicing(AHMSI) announced that the company will change its name to Homeward Residential, and is expecting this conversion to take place after the second quarter. The name change is a move to reflect the company's expansion into residential lending and other real estate finance related businesses.

Read More »

Treasury to Withhold Foreclosure Prevention Incentives from Two

The U.S. Treasury said Wednesday that it will continue to withhold incentives from JPMorgan Chase and Bank of America for modifications, short sales, and deeds-in-lieu completed through government programs. JPMorgan is the only servicer participating in Treasury's Making Home Affordable program that was determined to need ""substantial improvement"" in complying with program guidelines during the third quarter. Bank of America moved up a notch on the assessment scorecard to needing only ""moderate improvement.""

Read More »

Three Servicers Pledge to Abide by Fair Servicing Standards

Three mortgage servicers have voluntarily entered into an agreement with the New York State Department of Financial Services in which they pledge to abide by upgraded mortgage servicing standards that ensure fairness for all borrowers. The agreement was forged between Benjamin M. Lawsky, superintendent of the state regulatory agency, and Morgan Stanley and its Texas-based servicer Saxon; American Home Mortgage Servicing, also based in Texas; and Vericrest Financial, based in Oklahoma.

Read More »

Treasury Withholds Making Home Affordable Incentives From Two

Treasury has released the results of its second-quarter assessment of servicers participating in the Making Home Affordable program. Officials say they will continue to withhold program incentives owed to Bank of America and JPMorgan Chase. The two were determined to need ""substantial improvement"" in key areas including borrower evaluations. BofA and JPMorgan received the same score last quarter, as did Wells Fargo, but Wells has now elevated its grade to needing ""moderate improvement.""

Read More »

American Home Mortgage Servicing Sues LPS for ‘Surrogate Signing’

American Home Mortgage Servicing, Inc. (AHMSI) is pursuing legal action against Lender Processing Services (LPS) and affiliate DOCX to recover millions of dollars in losses the servicer allegedly incurred from improper documentation related to more than 30,000 mortgages and services preformed between April 2008 and November 2009. For its part, LPS said it was ""surprised"" by AHMSI's action and is prepared to vigorously defend itself against the allegations.

Read More »

American Home Mortgage Servicing Settles with Massachusetts AG

American Home Mortgage Servicing Inc. (AHMSI) signed a settlement with Massachusetts Attorney General Martha Coakley agreeing to implement a consent judgment between the Commonwealth of Massachusetts and Option One Mortgage Corporation, which AHMSI acquired in April 2008. In conjunction with the settlement, Coakley also dismissed claims against Coppell, Texas-based AHMSI. The servicer did not incur civil penalties or any other costs.

Read More »
Scroll To Top