New Residential Investment Corp. and Home Loan Servicing Solutions Ltd. announced a definitive merger agreement on Sunday. The merger agreement sets for New Residential to acquire all of the outstanding shares of HLSS for $18.25 per share in cash, totaling approximately $1.3 billion. The purchase price represents a 9 percent premium to HLSS' closing price of $16.76 on February 20.
Read More »Replacement Checks Issued for Unclaimed Foreclosure Settlement Payments
Borrowers eligible for payment will soon be receiving replacement checks for the funds they were scheduled to receive under the Independent Foreclosure Review Payment Agreements, according to an announcement from the Federal Reserve Board and the Office of the Comptroller of the Currency (OCC) on Wednesday.
Read More »Firm Announces Class Action Suit Against Servicer Over Relationship With Ocwen
In its complaint, the firm alleges that HLSS, which deals in the acquisition of mortgage servicing assets, made misleading statements and failed to disclose to investors how much its own business depended on Ocwen's and the extent of Ocwen's troubles.
Read More »Five Servicers to Pay $123 Million to Service Members for Unlawful Foreclosures
Five of the nation's largest mortgage servicers will pay more than $123 million to 952 service members and their co-borrowers as part of a settlement with the U.S. Department of Justice over non-judicial foreclosures that violated the Servicemembers Civil Relief Act (SCRA), according to an announcement from the Justice Department.
Read More »Investor Reiterates Desire for Servicer to Terminate Relationship With Ocwen
New York-based investor Mangrove Partners Master Fund, one of the 10 largest shareholders in Home Loan Servicing Solutions, has delivered a letter to the HLLS Board of Directors with regards to HLSS's relationship to Ocwen Financial Corp., according to an announcement from Mangrove Partners on Monday.
Read More »Ratings Agency Lowers Ocwen’s Risk Assessment Rankings, Citing Regulatory Troubles
Ongoing regulatory scrutiny along with allegations of servicing violations have resulted in the removal of Ocwen Financial from Morningstar Credit Ratings' Alert and the lowering of the Atlanta-based servicer's operational risk assessment rankings, according to an announcement from Morningstar on Friday.
Read More »Judge Dismisses New York AG’s Claims That Servicer Failed to Comply With Settlement
A federal judge dismissed on Monday allegations from New York's Attorney General that Wells Fargo failed to live up to its end of a historic $25 billion mortgage servicing settlement struck in 2012.
Read More »Servicers Name Property Preservation as Biggest Challenge With FHA Loans
Mortgage professionals involved with the servicing of Federal Housing Administration (FHA) mortgage loans said the biggest challenge they face with those loans is "fulfillment of FHA property preservation and conveyance requirements," according to the February 2015 Mortgage Industry Outlook Report released Monday by The Collingwood Group and The Five Star Institute. Thirty-nine percent of survey respondents who service FHA loans for their respective companies said that fulfilling fulfilling property preservation requirements was their toughest challenge.
Read More »FHFA Proposes Minimum Financial Requirements for GSE Servicers, Sellers
The Federal Housing Finance Agency (FHFA) announced on Friday proposed new minimum financial requirements for mortgage sellers and servicers to do business with Fannie Mae and Freddie Mac. The proposed requirements include minimums for net worth, capital ratio, and liquidity criteria that must be met by servicers and sellers to do business with the GSEs.
Read More »Report: Investors Move Toward Potential Ocwen Lawsuit
A group of mortgage bond investors has sent Ocwen Financial Corp. a notice of non-performance in what could be the precursor toward a future lawsuit.
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