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Ocwen to Acquire Homeward Residential in $750M Deal

Ocwen will buy the Dallas-based servicer and originator from private equity firm WL Ross & Co. The breakdown for the transaction includes $588 million in cash and $162 million in Ocwen convertible preferred stock. Atlanta-based Ocwen won't need to raise additional equity capital to complete the transaction.

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Radian Rewards Timely Mortgage Payments

Radian Guaranty, Inc., a private mortgage insurer and subsidiary of the Radian Group, announced it will reward current insured borrowers through the Responsible Homeowner Reward program, which is administered by Loan Value Group LLC, a company founded in 2008 to provide borrower incentives to protect investors and servicers.

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Mortgage Returns Reveals Strong Revenue Report

Missouri-based Mortgage Returns is celebrating a strong 2012 thus far, recently revealing that the company's revenue has grown significantly since January. The database management and automated marketing services provider has reported a 50 percent uptick in revenue since the start of the year.

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Deadline Arrives to Adopt National Settlement’s Servicing Standards

The settlement struck between the nation's five largest mortgage servicers and the U.S. Department of Justice and 49 state attorneys general calls for reforming mortgage servicing practices with the implementation of more than 300 standards. As described by the attorneys general's own negotiating committee, the banks must "accomplish a massive undertaking" to put all the servicing standards into practice as ordered under the agreement. They were given 180 days.

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Bank Collapse Story Unravels, Three More Arrested

Fraud

Three men were arrested Monday for bank fraud connected to the fall of New York's Park Avenue Bank in 2010, the Office of the Special Inspector General for the Trouble Asset Relief Program (SIGTARP) announced. Wilbur Anthony Huff, Matthew L. Morris, and Allen Reichman were presented in federal court for their alleged roles in the collapse of the Manhattan bank. Huff, Morris, and former bank CEO Charles Antonucci--arrested in 2010--are accused of defrauding regulators to secure $11 million in TARP funds.

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Sterne Agee Welcomes Florida Mortgage Lender into Fold

One of the nation's oldest privately-owned financial services companies announced its acquisition of Florida-based residential mortgage lender FBC Mortgage, LLC. Sterne Agee Group, Inc., founded in Alabama in 1901, signed a definitive agreement to acquire FBC, a retail and wholesale loan originator.

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Moody’s Review Extension Draws Commentary from Genworth

Responding to Moody's Investors Service Inc.'s decision to extend the review period for potential downgrades for portions of the company's debt, Genworth Financial, Inc., has issued an official statement on the pending evaluations. Noting that Genworth is proceeding with urgency in its dealings with Moody's, the company expressed confidence in the outcome of the review process.

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