Tag Archives: mortgage

According to the latest Consent Order from the New York Department of Financial Services, Ocwen may be one its way to once again acquiring mortgage servicing rights. The financial institution has been blocked from doing so for more than three years, since NYDFS began investigating its portfolio in February 2014. Ocwen is one of the country’s largest non-bank lenders.

Fortune 500 company Assurant, Inc., has named Jerry Rowell as managing director of Assurant Field Servicers, under the Mortgage Services Group.

During the recent meeting of the National Mortgage Servicing Association, Ray Barbone was installed as Chairman of the organization. Barbone, EVP of Mortgage Services at BankUnited will be taking the place of J.K. Huey, SVP of Lending Asset Management and Preservation at Wells Fargo.

PNC, Wells Fargo, and JPMorgan Chase all reported optimistic outlooks in their Q1 reports despite some declining revenue. All three banks found that their mortgage revenue has been declining. due to lower gains on residential mortgage servicing rights and lower mortgage loan revenues overall. Overall earnings for JPMorgan Chase and Wells Fargo were down slightly from the previous quarter.

Rising home prices nationally have created the strongest equity economy since 2006, according to a new report by Black Knight. Borrowers have nearly $5 trillion in equity to tap into, and the number of underwater borrowers has dropped dramatically. Refis account for a stronger share of borrowing than they have for years.

A New York federal judge said that Wells Fargo must face litigation seeking to hold the bank accountable for billions of dollars in claimed investor losses as trustee of residential mortgage-backed securities, saying the investor funds more than met the pleading the standard. The plaintiffs, including BlackRock Inc, Pacific Investment Management Co, Prudential Financial Inc, and TIAA-CREF, can pursue breach of contract and conflict of interest claims related to 53 trusts, said U.S. District Judge Katherine Polk Failla.

Fannie Mae recently released its Monthly Summary for February 2017. Fannie Mae’s gross mortgage portfolio decreased for at a compound annualized rate of 16.9 percent for the month, while the GSEs Conventional Single Family Delinquency Rate stayed much the same month-over-month.

More consumers believe they would get rejected for a mortgage, but recent data shows different. While 41.4 percent of consumers felt like they would be rejected if they were to apply for a mortgage, February data shows that only 13.3 percent of mortgage applications get rejected.

More lenders in February saw defects in mortgage applications compared to January, according to a new report by First American Financial Corp. The firm’s chief economist cited rising interest rates as the likely culprit. As rates rise, more borrowers are seeking ARMs, which are inherently riskier and, thus, ripe for more misrepresentation.

For the fifth year in a row, Paragon, Black Knight’s MLS software, ranked at the top in the Clareity MLS Customer Satisfaction Survey.