Ocwen finalizes deal to sell $110B of MSRs to New Residential

Ocwen has been servicing residential mortgage loans since 1988 and subprime mortgage loans since 1994. As of 2010, Ocwen’s subprime servicing volume was $56 billion, ranking it fourth in subprime servicing behind American Home servicing ( billion), Bank of America/Countrywide ($82 billion), and Chase Home Finance ($90 billion).

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Equally important, New Residential saw its book value per share (objective value of its assets) rise about 10% last year (excluding the Ocwen deal), compared to 7% in both 2015 and 2016. Since its IPO in 2013, New Residential has grown its book value per share by 55%, largely thanks to the appreciating values of its loan book.

Growth in new CMBS issuances reduces delinquency rate: Fitch Prime Finance principal Jeff Williams is leaving the New York debt-fund operator. A development team is shopping for a $325 million floating-rate loan on a. Year-to-date commercial MBS issuance is down 14%, and the pipeline for the.. Fitch: CMBS Delinquencies Dip to 2% Fri, 01 Mar 2019 The past-due rate for.West leads in home price growth, but maybe not for long The number of new homes on the market is up 9.8 percent over the year, in line with the pace of annual growth observed over the past three months. Permitted but not started new homes accounted for 21 percent of new homes for sale on the market in March, up from 19 percent in February, up from 16 percent a year ago, and at their highest share since the data begin in 1973.Gen-X renters have significantly weaker credit profiles than homeowners Protesters Demand GSE Principal Reduction Activists Disrupt Bank of America Shareholders’ Meeting As Bank of America’s executives, board, and shareholders gathered at the bank’s shareholder meeting in Charlotte, NC, protesters took to the streets and inside the meeting hall to speak out against BofA’s.Overall, the national mortgage market today is significantly smaller than it was before the Great Recession, both in terms of overall volume and home sales. 4 The national homeownership rate has dropped from close to 70 percent to 64 percent.

NEW RESIDENTIAL INVESTMENT CORP. (NYSE:NRZ) Files An 8-K Results of Operations and Financial ConditionItem 2.02 Results of Operations and Financial Condition. In this Current Report on Form 8-K.

In total, the New Residential deal covers 7 billion in mortgage servicing rights, and with Ocwen’s total servicing portfolio totaling 6.4 billion, the deal will see Ocwen’s servicing portfolio reduced to $79.4 million, a reduction of nearly 60%.

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MERS owner to acquire Simplifile as mortgage eNote usage grows Chase tries to carve out mortgage niche with millennials That could threaten profits at Nationstar (NSM), Ocwen Financial (OCN) and Walter Investment (WAC), all of which have been trying to parlay their expertise in servicing distressed loans into the more.More online mortgage shopping equals lower servicer retention rates How to find the best mortgage rates and lenders online. but shopping real-life mortgage rates and home loan lenders online is harder than it looks. Not all mortgage rates are created equal.Simplifile and MERS support the residential lending industry’s shift to digitization and will, together, help to make the mortgage closing process simpler, faster, and more transparent for a range of industry stakeholders. ICE will pay $335 million to acquire Simplifile, which is based in Provo, Utah and has no debt.

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Ocwen to Buy Ally Bank’s MSRs. Ocwen Financial Corp. ( OCN) has agreed to buy a majority stake in the portfolio of mortgage collection rights from Ally Bank – a unit of Ally Financial Inc. This is the latest addition to Ocwen’s long list of mortgage servicing rights (:MSR) acquisitions. The stake buyout is estimated to be worth $585 million.

Ocwen finalizes deal to sell $110B of MSRs to New Residential Ocwen Financial finalized the deal to sell its interests in $110 billion of nonagency mortgage servicing rights to New Residential Investment Corp. for total consideration of $400 million.

In January of 2014, they announced the sale of $39 billion of MSRs to Ocwen. At the time, the share price of Ocwen was just off its 52-week high at $55 per share. Two weeks following the announcement of the deal, Benjamin Lawsky, the Superintendent of Financial Services blocked the deal.