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Home >> News >> Servicing

Fannie, Freddie $10 Billion MSR Portfolio Up for Sale

Fannie, Freddie $10 Billion MSR Portfolio Up for Sale

According to MountainView's announcement, features of the bulk servicing rights portfolio include 100 percent fixed-rate and first lien product, a weighted average original FICO score of 763, a weighted average original LTV ratio of 75 percent, a weighted average interest rate of 3.82 percent, and low delinquencies. The portfolio contains no loans that are more than 90 days late; only 0.41 percent of the loans in the portfolio are between 30 and 59 days delinquent, and only 0.5 percent of the loans are between 60 and 89 days delinquent, according to MountainView.

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Wells Fargo to Cut 1,000 Servicing Jobs

Wells Fargo to Cut 1,000 Servicing Jobs

Employees at the office work with U.S. residents who were behind on their home loan payments. In an emailed statement, Wells Fargo & Co. said Wednesday that as the economy has improved over the last two years, fewer customers have become delinquent on their payments, and fewer customers have needed assistance to stay in their homes. The company says it will continue to offer assistance to borrowers facing financial hardship.

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Fitch Downgrades Green Tree Rating

The downgrade comes after Ocwen Financial announced they would be selling $9.6 billion worth of servicing rights to Green Tree. Fitch said the downgrade is tied to Green Tree having had aggressive portfolio growth in the past two years in a press release.

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Ocwen to Sell $25 Billion in Servicing Rights to Nationstar

Ocwen to Sell $25 Billion in Servicing Rights to Nationstar

This will be the second time in as many months that Ocwen has announced an MSR sale on an Agency portfolio of residential loans to Dallas, Texas-based Nationstar. In February, Ocwen announced its intention to sell the MSR on a portfolio of about 81,000 performing residential loans owned by Freddie Mac with a UPB of about $9.8 billion to Nationstar. Combined, the two MSR deals between Ocwen and Nationstar announced in the last two months include about 223,00 Agency residential mortgage loans with $34.8 billion in UPB.

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Ocwen Responds to Servicing Practice Criticism

Ocwen Responds to Servicing Practice Criticism

In January, a group of Residential Mortgage Backed Securities (RMBS) investors including BlackRock Financial Management Inc., Pacific Investment Management Company LLC, Kore Advisors, and Metropolitan Life Insurance issued a notice on Ocwen’s alleged non-performance. Ocwen claims the notice is a part of a long campaign by the RMBS investors to force more home foreclosures and less loan modifications.

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SunTrust to Pay North Carolina Homeowners $21.5 Million in Settlement

SunTrust to Pay North Carolina Homeowners $21.5 Million in Settlement

More than 2,200 homeowners who had mortgages with SunTrust and lost their homes to foreclosure in the past few years are eligible to a cash settlement worked out by the North Carolina Attorney General’s Office. North Carolina’s portion of the payout is about $21.5 million. Claim forms were mailed this week, and homeowners have until June 4 to submit a claim. The average payment will be around $850, according to Attorney General Roy Cooper.

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Ocwen to Sell $9.6 Billion of Servicing Rights to Green Tree

Ocwen to Sell $9.6 Billion of Servicing Rights to Green Tree

According to Ocwen, the portfolio consists of approximately 55,000 performing loans owned by Freddie Mac. The transaction is subject to approval by Freddie Mac and its conservator, the Federal Housing Finance Agency (FHFA), as well as other customary conditions. Ocwen reported that it expects the transaction to close by April 30, 2015, and expects the loan servicing to transfer in May 2015.

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JP Morgan to Buy $45 Billion Worth of Ocwen Servicing Rights

JP Morgan to Buy $45 Billion Worth of Ocwen Servicing Rights

In an update on its website dated March 2, Ocwen announced that it had "signed a letter of intent with a buyer on the sale of mortgage servicing rights (MSRs) on a portfolio consisting of approximately 277,000 performing Agency loans owned by Fannie Mae with a total unpaid principal balance of approximately $45 billion."

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FHFA Seeks $1.1 Billion as Nomura,RBS Trial Begins

FHFA Seeks $1.1 Billion as Nomura,RBS Trial Begins

At the start of a trial in Manhattan federal court, a lawyer for the Federal Housing Finance Agency said misrepresentations by Nomura and Royal Bank of Scotland Group Plc, an underwriter, about loans underlying $2 billion (1.3 billion pounds) in securities exemplified broader misconduct by banks ahead of the crash.

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Fannie Mae Announces Web Portal Update

Fannie Mae Announces Web Portal Update

The “Appraisal Findings Report,” which is available through Message Manager, will be updated in April to include the CU feedback. The report, which is available to Fannie Mae sellers and services, covers appraisals submitted to the UCPD in the prior month and is generally available on the fifth business day of each month. The new report will replace three separate reports Fannie Mae currently provides by combining that information into one file.

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