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Tag Archives: Aurora Bank

Mortgage Daily Releases Q3 List of Top 10 Servicers

Mortgage Daily released a list of the top 10 servicers based on portfolio size as of September 30. However, Mortgage Daily says spots 4-6 on the third quarter list could change due to recent acquisitions from Ocwen Financial Corporation, Nationstar Mortgage, and Walter Investment Management. For now, top servicers on the list were Wells Fargo, Bank of America, Chase, Citigroup, and U.S. Bank. Ocwen, which is not on the top 10 list, is expected to move into a top five position.

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Nationstar Completes Acquisition of Aurora

Nationstar Mortgage announced Friday it has completed the acquisition of approximately $63.7 billion in residential mortgage servicing rights (MSRs) from Aurora Bank and its subsidiary, Aurora Loan Services LLC.

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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.

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Nationstar to Acquire $63B in Mortgage Servicing Rights from Aurora

Nationstar Mortgage is acquiring approximately $63 billion in residential mortgage servicing assets from Aurora Bank, a subsidiary of Lehman Brothers Bancorp. The agreement was announced Tuesday in a release, which stated that the Lewisville, Texas-based mortgage servicer will pay approximately $268 million in servicing rights and $210 million for related servicing advance receivables.

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Regulators Hand Down Enforcement Actions to Servicers, Vendors

The Office of the Comptroller of the Currency, Federal Reserve, and the Office of Thrift Supervision announced formal enforcement actions Wednesday against 14 mortgage servicers and two firms that provide foreclosure-related services to the industry - LPS and MERS. The consent orders are the result of regulators' investigations into robo-signing allegations and represent a settlement with the firms involved, at least in part. Both the OCC and Fed say they believe monetary sanctions in these cases are also warranted, and they plan to pursue such actions separately.

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