Skip to main content

Ally Announces Sale of $115 Billion in MSRs to Ocwen and Quicken Loans

NationalMortgageProfessional.com
Apr 19, 2013

Ally Bank HAS announced that it completed the sales of approximately $115 billion in unpaid principal balance (UPB) of agency mortgage servicing rights (MSR) to Ocwen Financial Corp. and Quicken Loans Inc. In total, Ally Bank has received approximately $850 million in proceeds for the transactions. "Ally Bank has made significant progress this year in exiting its non-strategic mortgage activities. With the completion of the MSR transactions, Ally Bank will now focus squarely on its leading direct banking franchise and advancing its customer-centric deposit activities, as well as continuing to grow its key role in Ally's auto finance operation," said Ally Bank President and Chief Executive Officer Barbara Yastine. Final proceeds for the transactions are subject to adjustment based on the actual UPB on the closing dates. Additionally, there is approximately $5 billion UPB of remaining MSR that will close in stages over the coming months. Once the remaining pipeline is wound down, Ally will have no remaining MSR assets.
Published
Apr 19, 2013
CFPB Issues Guidance On AI In Credit Underwriting

Creditors must provide specific and accurate reasons for credit denials, even with complex AI models.

Sep 19, 2023
Intercontinental Exchange Completes Black Knight Acquisition; Births Dark Matter Technologies Under Constellation Software

Rich Gagliano takes the helm at Dark Matter Technologies, poised to lead the future of Empower LOS with a 1,300-strong team, blending startup agility with decades of industry experience.

Sep 18, 2023
FHFA Invites Public Engagement On Modernized Credit Score Transition

Stakeholder forums and listening sessions planned to ensure seamless rollout; extended timeline for bi-merge credit report requirement in play.

Sep 11, 2023
Desperation Drives Difficulty in Closing Mortgages in California

Analysis reveals California among top 20 toughest states for mortgage closures.

Sep 11, 2023
If You Build It, They Will Come

Ratings will go a long way toward growing the market for home equity-backed securities

Sep 07, 2023
Investors May Be Losing Interest In The Single-Family Rental Market

Rise in interest rates, drop in values have them pulling back in certain regions

Sep 07, 2023