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Tag Archives: Ocwen

Ocwen to Pay $2.1 Billion to 49 States

HELOC

The California Department of Business Oversight, along with 48 other states, reached a settlement with Ocwen Financial Corporation and Ocwen Loan Servicing, according to a press release issued by the department. The $2.1 billion settlement was in response to violations regarding mortgage servicing laws.

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Regulator Concerned Over Nationstar’s ‘Explosive Growth’

Benjamin Lawsky, the superintendent of the New York State Department of Financial Services (NYSDFS), issued a letter to Nationstar Mortgage Holdings, acknowledging the agency "has significant concerns that the explosive growth at Nationstar and other nonbank mortgage servicers may create capacity issues that put homeowners at risk."

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Special Servicers Benefit from HARP; Future Uncertain

Three special servicers released their fourth quarter and year-end numbers, noting increases in revenue and increasingly active originations sectors. However, analysts remain concerned that the increased revenue, largely derived from government programs such as HARP, will stall as refinances slow down.

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Regulator Voices Worries on Growth of Non-Bank Servicers

The New York regulator who put a hold on Ocwen’s latest mortgage servicing rights (MSR) deal with Wells Fargo expressed on Wednesday his concerns about the rapid growth of non-bank servicers in the industry—and his belief that regulators should step in when necessary.

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$2.7B Ocwen-Wells Fargo Deal Halted Indefinitely

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.

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Wells Fargo to Sell $39B MSR Portfolio to Ocwen

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.

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2013 in Review: Major MSR Deals

The fizzle of 2012's refinance boom and the publishing of new regulatory guidelines took their toll on origination numbers, but it was a decidedly different story for mortgage servicing rights (MSR) deals. DSNews.com takes a look back at some of the biggest wheelers and dealers in the MSR world over the past year, including Nationstar, Ocwen, Walter Investment Management Corp., and Two Harbors, among others.

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Treasury Adds New Compliance Metrics to Making Home Affordable

The servicer assessment component of the Making Home Affordable (MHA) program has been enhanced with new compliance metrics and benchmarks to measure the impact of servicer performance on the borrower's experience. Individual servicer assessments are conducted quarterly to identify areas of non-compliance and drive improvements in servicers' execution of the federal program.

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Major Servicers Fail Seven Settlement Compliance Tests

The former banking regulator overseeing the National Mortgage Settlement has released a summary of the latest reports he filed with a federal court in Washington, D.C. The reports detail the performance of five major servicers in meeting the terms of the agreement reached with 49 state attorneys general and federal officials. Joseph Smith says he's confirmed six fails in the first quarter of 2013 and one in the second quarter.

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Ocwen Agrees to Buy $78B in MSRs from OneWest

Ocwen Loan Servicing, a wholly owned subsidiary of Ocwen Financial Corporation, has entered into an agreement to purchase $78 billion in mortgage servicing rights (MSRs) from OneWest Bank. According to a filing made with the U.S. Securities and Exchange Commission (SEC), the aggregate purchase price for the MSRs will be approximately $2.53 billion, with $446 million paid in respect of the MSRs and approximately $2.1 billion to be paid in respect of the servicing advances.

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