Regulators take aim at nonbank servicers


First they came for the banks. It's been a nice run for the nonbank servicers, but they're prime targets now. The NYT follows up Ben Lawsky's blocking of Ocwen's (OCN) purchase of more MSRs from Wells Fargo with an expose of supposed abuses by the Ocwens and Nationstars (NSM) of the world.

Companies like OCN and NSM have 17% of the mortgage servicing market today, up from just 3% 4 years ago.

To review: The specialty servicers for years have been purchasing MSRs from banks who didn't want the capital and legal issues, and few have profited more than Bill Erbey's Ocwen and offshoots like Altisource Asset Management (AAMC), Altisource Portfolio Solutions (ASPS), Altisource Residential (RESI), and Home Loan Servicing Solutions (HLSS).

Others in the business include Walter Investment (WAC) and New Residential (NRZ).

Previous: More legal issues for Ocwen.

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Comments (2)
  • shrimper1111
    , contributor
    Comments (47) | Send Message
     
    before you go slandering good solid business's,you may want to re check all your claims. be careful in who you say is not 'legit'.
    19 Feb 2014, 08:45 AM Reply Like
  • Swing and a Miss
    , contributor
    Comments (51) | Send Message
     
    Dear Shrimper1111,

     

    I can't tell if this comment is directed toward me--just in case, I will reply. I apologize if you were not directing the comment toward me.

     

    As far as Ocwen is concerned--I have not slandered it. The definition of slander is to say something that is false or untrue about a person or entity. I'm on very solid ground for anything negative that I have said about Ocwen or about one of the Ocwen family of companies.

     

    The Consumer Finance Protection Bureau said far worse things about Ocwen than I did (publicly.)

     

    http://1.usa.gov/1muvjAB

     

    (Again--I apologize if I am responding to a comment that was not intended for me.)
    19 Feb 2014, 07:58 PM Reply Like
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