Hints and tips:
...After the US regional bank Washington Mutual failed during the financial crisis, its $6bn of NOLs were placed in a publicly traded company that launched in 2012....
...While bank stocks fell sharply, shares in non-bank mortgage providers such as Nationstar and Ocwen rose as much as 5 per cent....
...New York’s chief financial regulator will investigate the “explosive growth” of Nationstar Mortgage, in the latest instance of growing scrutiny of the expansion of non-bank mortgage servicers....
...Other non-bank servicers, such as Nationstar and Walter Investments, have grown quickly....
...Mr Lawsky’s office is now investigating the rapid growth of non-bank mortgage servicing companies Ocwen and Nationstar....
...Mortgage servicers such as Ocwen, Nationstar and Walter Investment have been buying hundreds of billions of dollars worth of “mortgage servicing rights” from big banks including JPMorgan Chase and Bank of...
...These non-bank “mortgage servicers”, such as Ocwen Financial and Nationstar, are facing increased scrutiny from regulators who claim the companies have expanded too quickly, or are making unfair modifications...
...With banks retreating from the servicing business, non-bank entities such as Ocwen are natural buyers for servicing rights, but the scrutiny from Mr Lawsky weighed on the share prices of rivals Nationstar...
...Mortgage servicers such as Ocwen, Nationstar and Walter Investment have been buying hundreds of billions of dollars worth of “mortgage servicing rights”, from big banks including JPMorgan Chase and Bank...
...Just look at the mortgage business where non-bank originators such as Quicken Loans and non-bank servicers like Nationstar are swallowing great chunks of the market....
...US mortgage servicing and origination is increasingly shifting towards non-banks such as Ocwen and Nationstar Mortgage as the big US banks face large legal payouts for poor mortgage servicing practices....
...Walter, Nationstar and Ocwen Financial snapped up MSRs from their much larger bank competitors to achieve their improved industry ranking....
...Most are still serviced by banks, but IMF predicts that three non-banks – Nationstar, Ocwen and Walter Investment Management – will be among the top 10 servicers for the first time at the end of the first...
...Nationstar Mortgage said it purchased $215bn in servicing rights from BofA while Walter Investment Management said it bought the rights to service $93bn in mortgages from BofA....
...Bray, chief executive of Nationstar, said in a statement....
...Ocwen Financial fought off stiff competition from Nationstar Mortgage to win a bankruptcy court auction of Residential Capital’s mortgage servicing and origination business....
...Ally Financial, the car financing company, said on Tuesday it will sell its Canadian operations to Royal Bank of Canada for about $4.1bn....
...Samuel Greene, co-head of Centerview Partners, the investment bank representing ResCap in the bankruptcy, wrote in the filing that Berkshire and other potential bidders would benefit from the “extensive...
...ResCap will add $374bn to the almost $200bn of mortgage assets already serviced by Nationstar, the largest non-bank mortage loan servicer in the US....
...Along with Berkshire Hathaway, Nationstar is leading the bidding for ResCap’s $338bn MSR portfolio, which will go to auction in November....
...The reverse mortgage unit will be sold to Nationstar Mortgage, subject to regulatory approvals. Terms were not disclosed....
...Banks, facing new limits on their ability to count MSR as capital, are selling them off in droves. Examples ● Nationstar went public last month....
...If you truly believe growth is picking up, then the investments will work,” says Jack Ablin, chief investment officer at Harris Private Bank....
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