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Tag Archives: Mortgage Servicing Rights

MountainView Offering $760M Fannie MSR Portfolio

MountainView Servicing Group, provider of residential mortgage servicing rights (MSR) transaction and valuation advisory services, announced the offering of yet another Fannie Mae portfolio. Possessing an unpaid principal balance of just less than $760 million, the portfolio includes 100 percent fixed-rate and first-lien product, with 89.7 percent 30-year fixed-rate loans. In addition, the portfolio contains $464 million-about 61 percent-Home Affordable Refinance Program (HARP) servicing.

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Regulator Voices Worries on Growth of Non-Bank Servicers

The New York regulator who put a hold on Ocwen's latest mortgage servicing rights (MSR) deal with Wells Fargo expressed on Wednesday his concerns about the rapid growth of non-bank servicers in the industry--and his belief that regulators should step in when necessary. In remarks before an audience of bankers, Benjamin Lawsky voiced doubt over whether these growing firms could keep up with their own growth and accused them of cutting corners and causing harm to homeowners as a result.

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New York Regulator Halts Ocwen MSR Deal

A recently announced deal between Ocwen and Wells Fargo on $39 billion in mortgage servicing rights has been halted by the New York Department of Financial Services amid investigations of alleged abusive behavior toward borrowers. Ocwen announced Thursday the indefinite hold on the deal by the New York Department of Financial Services headed by Benjamin Lawsky. In its release, Ocwen pledged to work with the regulator to resolve concerns about its servicing portfolio growth.

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MountainView Announces $2.4B MSR Offering

MountainView Servicing Group announced the offering of another Fannie Mae mortgage servicing rights (MSR) portfolio, this one with an unpaid principal balance of $2.4 billion. According to MountainView, the portfolio features 100 percent first-lien and 99.7 percent fixed-rate products (with 86 percent 30-year fixed-rate loans) and a weighted average interest rate of 3.69 percent. Bids for the portfolio are due February 6 at 3 p.m. Eastern.

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Wells Fargo, Ocwen Announce Deal on $39B MSR Portfolio

Ocwen's servicing segment is set to acquire mortgage servicing rights (MSRs) on a $39 billion portfolio from Wells Fargo, the two companies announced Wednesday. According to the dual releases, the portfolio consists of approximately 184,000 loans and accounted for about 2 percent of Wells Fargo's total residential servicing portfolio as of the end of 2013. The companies expect the transaction to close by the end of this year. Financial details were not disclosed.

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Small Servicers Feeling Heat from New Rules

While most larger servicing shops have made a great deal of progress ahead of Friday's new industry regulations, a report from Fitch finds smaller companies still have a number of challenges to meet. Fitch acknowledges that many independent and non-bank servicers have adapted to the technological advances made in the industry, but compliance with the new rules will mean more recordkeeping and infrastructure improvements that could mean higher costs for these smaller firms.

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