Tag Archives: Servicing

In a recent three-day online discussion, industry experts deliberated on the question “Are mortgage servicing costs, complexities, and risks impeding lending?” See what they had to say.

The Michigan-based law firm specializing in the real estate, finance, and credit industry makes new additions to its offices.

The Texas located office of Codilis & Stawiarski, P.C. announced that it has made an update to its address. The firm has been serving the Texas community for over 25 years.

After the 2008 crisis, the federal government imposed new rules on home loans and how to service those loans as a reaction to the abuses that were taking place. How do these rules help prevent a new crisis and how did banks restructure in order to embody them?

As third-party vendors continue to be an extension of the servicer, it’s imperative that a servicer selects a lender-placed insurance vendor that operates as a partner. There are various elements that should be considered when evaluating a lender-placed insurance partner, one of which is technology. Vendors that can effectively leverage technology can efficiently meet the changing needs and evolving regulations of the mortgage servicing industry. A vendor’s commitment to technology can ensure that servicers remain in compliance.

On Wednesday, Freddie Mac announced its first re-performing structured sale of 2017, a $292 million sale of a pool of seasoned loans from its mortgage investments portfolio. The pool of loans, currently being serviced by Select Portfolio Servicing Inc., includes loans with step-rate modifications and GSE loans modified under GSE proprietary modifications.

Nationstar Holdings reported declining income in Q1. The market overall saw declines in mortgage revenue with PNC Financial Services Group, Wells Fargo, and JPMorgan Chase all reporting reductions in mortgage revenue in the quarter, but what drove Nationstar in Q1 was its strong servicing segment.

According to preliminary operating results, Ocwen Financial Corporation lost an estimated $32.6 million—or $0.26 per share—for the first quarter of 2017. The loss pales in comparison to Q1 2016, when Ocwen reported a net loss of more than $111 million. Ocwen’s servicing segment reported $3.1 million in pre-tax income—up nearly $70 million from Q1 2016. Lower legal fees, a rise in MSR Fair Value, and fewer indemnification payments helped drive the jump in servicing income.

SunTrust Banks, Inc. reported its Q1 2017 results. The bank posted a net income of $451 million, or $0.91 per average common diluted share. This is a three percent increase over the previous quarter and a four percent year-over-year increase. The bank noted that higher mortgage-related income and investment-related income pushed the noninterest income up by $32 million.

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.