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Tag Archives: PHH

Freddie Mac MSR Changes Hands; Fannie Mae to Follow?

According to a filing with the U.S. Securities and Exchange Commission on Monday, PHH Mortgage Corporation has closed the sale of nearly its entire Freddie Mac portfolio of mortgage servicing rights (MSR) to New Residential Mortgage, LLC—about 81,500 loans. New Residential picked up the portfolio for approximately $110 million. Of that sum, $101.5 million was attributable to the purchase rights for the Freddie Mac MSR portfolio and $8.5 million was for related servicing advances.

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Ocwen Files Motions Against CFPB

Ocwen has filed three motions against the CFPB in hopes of speeding up a Circuit Court of Appeals decision on the Bureau's constitutionality. The motions arrive on the back of a recent suit filed by the CFPB against Ocwen on April 21. The suit alleged Ocwen committed errors throughout the servicing process and improperly foreclosed on at least 1,000 homeowners.

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D.C. Circuit Rejects Intervention in CFPB Case

The case, as previously reported by DS News, sees New Jersey-based lender PHH Corp. trying to overturn a $109 million penalty issued by the CFPB in June 2015 over alleged violations of the Real Estate Settlement Procedures Act.

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LenderLive Takes On PHH’s Private Label Ops

"We are excited about the opportunity of adding a significant number of talented mortgage professionals and establishing a new operations center for LenderLive in Jacksonville,” said Rick Seehausen, LenderLive CEO. “The arrangement accelerates our long-stated imperative of driving scale and operating leverage in our private label Mortgage Solutions business.”

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Structure of CFPB Ruled Unconstitutional

The U.S. Court of Appeals for the District of Columbia on Tuesday ordered a restructuring of how the CFPB operates within the executive branch, calling the Bureau’s structure “unconstitutional.”

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