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New York State Demands Ocwen Revamp Its Servicing Practices


Superintendent Benjamin M. Lawsky has announced that the New York State Department of Financial Services is requiring Ocwen Financial Corporation to hire a monitor to ensure that the company complies with an agreement to reform its mortgage servicing practices. The action was taken after an examination by the Department found indications of Ocwen violating the agreement. The monitor will be in place for two years. Ocwen is one of the largest mortgage servicers and has been growing rapidly, servicing more than 764,000 residential mortgages nationally as of August.Click to continue

Nationstar Mortgage to Acquire $10.4 Billion in Servicing Assets From Bank of America


Nationstar Mortgage LLC, a wholly-owned subsidiary of Nationstar Mortgage Holdings Inc., has signed a definitive agreement to acquire approximately $10.4 billion in residential mortgage servicing rights, as measured by unpaid principal balance, from Bank of America. The acquired servicing portfolio consists entirely of loans in government-sponsored enterprise (GSE) pools. Nationstar will fund a portion of the MSR purchase price with the proceeds of a 65 percent co-investment by Newcastle Investment Corporation.Click to continue

Nationstar Agrees to Acquire Mortgage Servicing Assets of ResCap


Nationstar Mortgage Holdings Inc. has announced that it has signed a definitive agreement to acquire certain residential mortgage servicing assets and other assets from Residential Capital LLC and related entities (ResCap) in connection with ResCap’s proposed asset sale pursuant to a plan under the U.S.Click to continue

Ally Financial Mortgage Subsidiary ResCap Files for Chapter 11


Residential Capital LLC (ResCap), a subsidiary of Ally Financial Inc., has announced that its Board of Directors voted to file for Chapter 11 protection along with 50 of its subsidiaries. ResCap’s mortgage origination, servicing and other business activities, conducted through its subsidiaries, including GMAC Mortgage, will continue to operate as the Chapter 11 proceeds. Undergoing the Chapter 11 process will:Click to continue

Ally Posts $79 Million Q4 Profit With Total Mortgage Loan Production Coming in at $23.8 Billion


Ally Financial Inc. has reported a net income of $79 million for the fourth quarter of 2010, compared to a net loss of $5 billion for the fourth quarter of 2009. Core pre-tax income, which reflects income from continuing operations before taxes and original issue discount (OID) amortization expense from bond exchanges, totaled $533 million in the fourth quarter of 2010, compared to a core pre-tax loss of $3.5 billion in the comparable prior year period.Click to continue

RoundPoint Financial names Dave Worrall EVP and national servicing manager

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RoundPoint Financial Group, an integrated mortgage servicing and origination firm, has announced that it has named Dave Worrall as its new executive vice president and national servicing manager. Worrall brings to RoundPoint significant experience servicing loans at the national level for major public and private institutions. At RoundPoint, Worrall will manage loan servicing for RoundPoint's entire portfolio. He will report directly to RoundPoint's new Chief Executive Officer Kevin Brungardt. Click to continue

Equator adds John Vella as chief operating officer

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Equator, a provider of automated default servicing, real estate-owned (REO) and short sale technology for the mortgage industry, announced that it has hired John Vella to serve as its chief operating officer. Vella’s primary duties at Equator include implementing the company’s growth strategy, and leading efforts to further expand the scope of the company’s EQ Workstation, a fully-automated online system that provides financial institutions with tools for managing default servicing, and the EQ Marketplace, which acts as an e-commerce forum where these institutions conClick to continue