- Yesterday, the Office of the Comptroller of the Currency put restrictions on the servicing operations of Wells Fargo, JPMorgan, U.S. Bancorp, HSBC and two others thanks to their failure to comply with an earlier agreement.
- The lenders will be restricted from acquiring MSRs or performing servicing for other parties. For Wells Fargo and HSBC, they will be prohibited from acquiring MSRs or entering into new contracts to perform servicing for others.
- New Residential (NRZ +1.9%) has taken a breather of late following the HLSS purchase, with last week's secondary offering hitting the stock particularly hard. With the new OCC order, the capital raise looks pretty well-timed.
- Previously: OCC ends enforcement actions on several banks, puts new restrictions on others (June 17)