Tag Archives: mortgage servicing rights

An Illinois court ruled on Tuesday that mortgages naming Mortgage Electronic Registration Systems, Inc. (MERS) as the mortgagee are valid and enforceable, according to an announcement from MERSCORP Holdings, Inc.

According to MountainView Servicing Group, which is acting as facilitator for the sale, the portfolio is entirely made up of fixed-rate and first-lien product and features low delinquencies. The latest offering is the fourth billion-dollar-plus portfolio to be offered through MountainView in as many months.

Wells Fargo and Ocwen Financial have mutually agreed to cancel the sale of billions of dollars residential mortgage servicing rights after New York's top financial regulator put the deal on hold, according to multiple reports.

A group of state bank regulators is forming a task force to develop new mortgage servicing standards for non-bank firms, according to an announcement released Wednesday.

According to the Mortgage Graveyard report by Mortgage Daily, the number of mortgage-related failures has significantly declined this past year, and wholesale lenders are disappearing equally as quickly. However, mortgage mergers are on the rise.

Ocwen Financial Corporation announced Thursday that plans to purchase the mortgage servicing rights of a portfolio worth $39 billion from Wells Fargo Bank have been halted by the New York Department of Financial Services (NY DFS). The Atlanta-based business serves as a financial services holding company. The transaction has been halted indefinitely, and any timeline for the completion of the deal remains undecided.

MountainView Servicing Group is marketing a $2.4 billion Fannie Mae mortgage servicing rights portfolio. According to MountainView, the portfolio is made up of 100 percent first-lien loans with an average loan-to-value ratio of 76 percent and an average FICO score of 765.

Ocwen's servicing segment is set to acquire mortgage servicing rights (MSRs) on a $39 billion portfolio from Wells Fargo, the two companies announced Wednesday. The loans underlying the MSRs in the portfolio are primarily in private label securities, the companies said, and they were not originated by Wells Fargo. They represent about 2 percent of Wells Fargo's total residential servicing portfolio as of the end of 2013.

Mortgage Industry Advisory Corporation (MIAC) announced two new mortgage servicing rights (MSR) portfolios totaling more than $694 million. The first offering is a $669.22 million portfolio from a seller with originations focused mostly in the Northeast. The portfolio contains a mix of Fannie Mae (47 percent) and Ginnie Mae (50.9 percent) loans, with warehouse loans making up the rest. The second offering is a $24.96 million portfolio featuring 79.8 percent Ginnie Mae and 20.2 percent Fannie Mae loans.

[ca_audio url_mp3='http://blogtalk.vo.llnwd.net/o23/show/5/791/show_5791847.mp3' css_class='codeart-google-mp3-player' autoplay='false' download='false' html5='false']Banks are scaling back from a 10 trillion market in mortgage servicing rights amid looming Basel III and CFPB regulations. Private equity firms crowd the space driving prices upward. George Christo, EVP of Prestwick Mortgage ...