Walter Investment Management Corp. has signed a definitive agreement to acquire Ally Bank's business lending operations.
Read More »Regulators: Ocwen Must Hire Servicing Compliance Monitor
A review of Ocwen's mortgage servicing practices has found indications of non-compliance with recent servicing reforms.
Read More »More Banks Interested in Expanding, Few Want to Sell
It seems more banks are eyeing the possibility of expansion in 2013, according to a survey sponsored by Crowe Horwath LLP. According to the results, 57 percent of banks intend to make some form of acquisition in the next year, up from last year's survey. Furthermore, many bankers expressed interest in acquisitions outside of their core banking franchises. Out of the banks that are looking at expanding, 28.8 percent said they intend to acquire a residential mortgage origination business in 2013.
Read More »JPMorgan Chase to Purchase $70B Servicing Portfolio from MetLife
MetLife, Inc., announced an agreement to sell MetLife Bank, N.A.'s mortgage servicing portfolio to JPMorgan Chase Bank, N.A.
Read More »Ocwen Smashes Revenue Records in Q3
After aggressively pursuing opportunities to grow, Ocwen Financial Corporation (Ocwen) reported an increase earnings in the third quarter of 2012. The mortgage servicer reported a net income of $51.4 million, or $0.37 per share in Q3 2012, a sharp increase of more than $30 million from the same quarter a year ago. Revenue soared even higher in Q3, spiking 90 percent from last year to $232.7 million. Ocwen says the figures for revenue and income from operations were record-setting numbers.
Read More »Ally Exploring Options to Cut Remaining Mortgage Business
Ally Bank announced it has launched a "process to explore strategic alternatives for its agency mortgage servicing rights (MSR) portfolio and its business lending operations." The announcement signals another step in Ally's shift away from the housing market. In November 2011, the bank began to reduce its correspondent originations business to focus on a smaller group of strategic clients, and in July 2012, it announced its intent to exit the warehouse lending business by the end of the year.
Read More »Ocwen Put on Negative Watch After Homeward Announcement
Ocwen made some waves when it announced an agreement to acquire Homeward Residential Holdings in a nearly $750 million deal, but Fitch Ratings is doubtful about the move. The ratings agency announced it has placed Ocwen's "B" long-term Issuer Default Rating (IDR) on Rating Watch Negative following the financial corporation's announcement.
Read More »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.
Read More »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.
Read More »Fannie Mae’s Book of Business Shows August Growth
According to Fannie Mae's monthly summary, its book of business grew at a compound annualized rate of 1.9 percent in August, bringing its year-to-date growth to 0.4 percent.
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