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Home >> News >> Servicing

Ocwen to Sell $45 Billion Worth of Agency Performing Loans

Ocwen to Sell $45 Billion Worth of Agency Performing Loans

These two transactions together represent approximately $55 billion in unpaid principal balance for which Ocwen has agreed in the last week to sell the mortgage servicing rights. Both of the transactions are expected to be completed in the next six months. According to Ocwen's announcement, the Atlanta-based servicer expects the two transactions will generate approximately $550 million in proceeds and "accelerate Ocwen's strategy to reduce the size of its Agency servicing portfolio."

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20 Percent of Optimal Households Failing to Refinance

20 Percent of Optimal Households Failing to Refinance

Houses lose out on big money when they fail to take advantage of low interests and refinance. For example, a household with a 30-year, fixed-rate mortgage of $200,000 at an interest rate of 6.5 percent that refinances when rates fall to 4.5 percent will save over $80,000 in interest payments over the life of the loan, even after including all the typical refinancing costs. Mortgage rates were around 4.7 percent in December 2010, higher than the current rate of 3.5 percent. Still, many homes fail to refinance.

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$3 Billion MSR Portfolio Up For Bid

$3 Billion MSR Portfolio Up For Bid

Quality features of the bulk servicing portfolio include 100 percent fixed-rate and first lien product, a weighted average original FICO score of 755, a weighted average original LTV ratio of 80 percent, and a weighted average interest rate of 3.9 percent.

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Ocwen’s Rating Knocked Down Again

Ocwen’s Rating Knocked Down Again

Morningstar's announcement came just one day after Ocwen CEO Ron Faris told his company's stakeholders that he expected Ocwen's earnings in Q4 to take a hit based on mounting regulatory pressures, expenses, and a ratings downgrade by Fitch Ratings in the week.

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Judge Sides with Wells Fargo in Servicing Settlement Case

Judge Sides with Wells Fargo in Servicing Settlement Case

In an opinion released Monday, U.S. District Judge Rosemary Collyer said Attorney General Eric Schneiderman didn't present substantial evidence that Wells Fargo—one of five major servicers that originally entered into the deal with 49 state attorneys general—neglected its servicing obligations under the terms of the settlement.

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