Ocwen Enters Into $48 Billion MSR Deal

first_img Share Save Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 1 day ago Ocwen Enters Into $48 Billion MSR Deal Subscribe Eric C. Peck has 20-plus years’ experience covering the mortgage industry, he most recently served as Editor-in-Chief for The Mortgage Press and National Mortgage Professional Magazine. Peck graduated from the New York Institute of Technology where he received his B.A. in Communication Arts/Media. After graduating, he began his professional career with Videography Magazine before landing in the mortgage space. Peck has edited three published books and has served as Copy Editor for Entrepreneur.com.  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Eric C. Peck Tagged with: AmeriHome Mortgage Company LLC Glen A. Messina mortgage servicing rights (MSRs) MSR Asset Vehicle LLC (MAV) Ocwen Financial Corporation PHH Mortgage Corporation Texas Capital Bank Home / Daily Dose / Ocwen Enters Into $48 Billion MSR Deal 4 days ago 466 Views center_img Demand Propels Home Prices Upward 1 day ago Ocwen Financial Corporation has announced that its wholly-owned subsidiary, PHH Mortgage Corporation, has entered into an agreement with AmeriHome Mortgage Company LLC to purchase, in bulk, mortgage servicing rights (MSRs) with a total unpaid principal balance of approximately $48 billion.The MSR portfolio is comprised of approximately 178,000 mortgage loans sold to or securitized by Freddie Mac and Fannie Mae. As of March 31, 2021, PHH serviced approximately 1.1 million loans and this transaction is expected to grow its total servicing portfolio by approximately 16%. The transaction is expected to close late in Q2 of 2021, subject to certain closing conditions, including regulatory approvals and finalizing an agreement between PHH and Western Alliance Bank to finance the MSR acquisition. The loans underlying the MSR portfolio are expected to transfer to PHH in September of 2021.“We are excited to announce the MSR purchase agreement with AmeriHome,” said Glen A. Messina, President and CEO of Ocwen. “Overall, we are delivering very strong performance in adding new servicing across our originations channels and this agreement is a significant milestone in achieving our growth objective of adding up to $150 billion in new servicing in 2021. We believe the execution of a bulk MSR transaction of this magnitude reflects the strength, quality and scalability of our servicing platform, and we look forward to welcoming our new customers to the Ocwen family.”During Ocwen’s Q1 2021 earnings update, the company disclosed it had entered into letters of intent for the bulk purchase of MSRs with a total unpaid principal balance of approximately $68 billion, which included the approximately $48 billion bulk MSR portfolio with AmeriHome.The company also recently announced the completion of a previously announced transaction with funds managed by Oaktree Capital Management LP to operate an MSR investment joint venture, MSR Asset Vehicle LLC (MAV). In addition, Ocwen entered into an agreement with Texas Capital Bank to purchase, in bulk, MSRs attributable to a mortgage loan portfolio approximating $14 billion, with approximately 60,000 loans expected to transfer to the PHH Mortgage servicing platform in Q3 of 2021. Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Journal, News, Secondary Market Previous: Home Prices Climb 13.2% YoY in March Next: The Importance of Assessing Weather-Related Risk Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago AmeriHome Mortgage Company LLC Glen A. Messina mortgage servicing rights (MSRs) MSR Asset Vehicle LLC (MAV) Ocwen Financial Corporation PHH Mortgage Corporation Texas Capital Bank 2021-05-25 Eric C. Pecklast_img read more

Tesco shares hit rock bottom

first_imgTesco shares have hit an 11-year low last night after newly appointed chief executive Dave Lewis refused to reveal his business plans for the struggling supermarket.In the company trading update yesterday, it revealed profits had plummeted 92% to £112m in this half of the year, after which investors piled out of the declining retailer.Tesco shares tumbled by 6.5% yesterday to 171p at market close. Its share price has halved in the past year.The skies have darkened over Tesco as it has continued to lose the supermarket battles over price, offers and market changes.Yesterday the retailer revealed the gaping hole in its profits to be at £263m- more than it had originally predicted. Tesco is also refusing to give any profit guidance for its full financial year.For a full account on Tesco’s financial situation after yesterday click here.last_img read more

Granny’s Bay Coastal Protection Work Moves Ahead

first_imgImage source: Fylde CouncilWork has recently started at Granny’s Bay, as part of the £22 million coastal protection project along the Fylde coast, VolkerStevin reports. VBA, a joint venture between VolkerStevin, Boskalis Westminster and Atkins, a member of the SNC-Lavalin Group, has been awarded an extension to the contract to redevelop Granny’s Bay.On completion, this work will provide new coastal defenses and upgraded promenades at Fairhaven, Church Scar and Granny’s Bay.Commenting the latest news, Councillor Roger Small, Chair of the Operational Management Committee for Fylde Council, said: “This is the final piece of the jigsaw and will mean that we have a wonderful new foreshore, pleasing to look at and use as a recreational resource, as well as providing shoreline protection.”The Sea Defense Project is replacing the sea defense walls, as the existing coastal defenses are time expired and have been failing.According to VolkerStevin, the current concrete coast defenses were built in the 1890s and have been undergoing emergency repairs every year to prevent a major breach.last_img read more

Virat Kohli explains why he is ‘in awe’ of Cristiano Ronaldo and not Lionel…

first_imgImage Courtesy: Getty/Action/LaPresseAdvertisement tbfNBA Finals | Brooklyn Vs5587Wingsuit rodeo📽Sindre Ee( IG: @_aubreyfisher @imraino ) b45Would you ever consider trying this?😱5nnCan your students do this? 🌚6t1lRoller skating! Powered by Firework From the West Delhi Cricket Academy recruit to the captain Indian Cricket Team, it has been a long journey for Virat Kohli. Motivation from the legendary Sachin Tendulkar and the persistent support from Anushka Sharma are the key factors, but the skipper revealed the one footballer that he venerate, the one and only Cristiano Ronaldo, even more so than Lionel Messi.Advertisement Image Courtesy: Getty/Action/LaPresseThe Royal Challengers Bangalore skipper was present for a talk show with India Today, and speaking to Indian sports journalist Boria Majumdar, the 31 year old said that its the Portuguese hit man whom he idolizes.“I think Cristiano Ronaldo because I like the fact that is targeted on a daily basis but he has the mental strength, the will to work hard and the desire to keep coming back.” Kohli said in the interview.Advertisement The talent that comes natural to Messi, is a product of sheer will power and hard work for Cristiano Ronaldo, as Kohli believes it to be.“For me those things matter more than someone having absolute unreal natural ability, which is (Lionel) Messi, so I am in awe of Ronaldo.” he added.Advertisement Kohli will be leading team India in their upcoming T20 series against West Indies, starting from 6th December. Advertisementlast_img read more

Hardik Pandya claims his parents didn’t know of his engagement to Nataša Stanković

first_imgImage Courtesy: InstagramAdvertisement ddrNBA Finals | Brooklyn VsyuWingsuit rodeo📽Sindre Elgf5( IG: @_aubreyfisher @imraino ) 5mipderWould you ever consider trying this?😱68k3qroCan your students do this? 🌚lxmRoller skating! Powered by Firework After 5 months of announcing their engagement, Team India all rounder Hardik Pandya recently revealed that Nataša Stanković, his fiancee is expecting a baby on 31st May, and social media has been filled with congratulatory messages towards India’s newest superstar couple. The engagement, which took place all the way back in 1st Jan, made all the headlines in the country, but Pandya has claimed that his parents were unaware of it!Advertisement Image Courtesy: InstagramIn a recent interview, Hardik Pandya opened up about his relation with the Serbian model and actress. Speaking to senior cricket commentator harsha Bhogle on Cricbuzz, the Men in Blue star revealed how the two met for the firsty time.“I got her by talking. She saw someone in a hat at a place where I met her, wearing a hat, a chain, a watch, at 1 am. So she thought he is ‘alag prakaar ka aadmi aaya’ (different kind of person came). That is when I started talking to her, started knowing each other,” Pandya remembered the early days with his betrothed.Advertisement However, Pandya dropped the bombshell when he said that his parents, even his older brother and fellow Indian cricketer Krunal was unaware of his engagement back on New Year’s eve.“Mom and dad didn’t know, even Krunal only got to know two days before when I told him I’m thinking this (getting engaged) I said I had enough in my life,” the Mumbai Indians icon said in the interview.Advertisement Pandya got engaged to the Big Boss contestant in Dubai. Six months into their journey together, the couple have been constant fan-service on social media, with their hilarious acts together during the lock down.However, all the surprises and funny banters aside, the 26 year old went on saying how the relation with Nataša helped him improve.“Someone who I have found, who I actually love and I think I’m learning and I’m becoming a better man. I’m trying to go beyond myself. I’m keeping myself aside and keeping someone as priority,” he added.If you like reading about MMA, make sure you check out MMAIndia.com Also follow India’s biggest arm wrestling tournament at ProPanja.comAlso read-Hardik Pandya reveals partner Nataša Stanković is pregnant and the wishes pour in!Watch: Rashid Khan’s hilarious impression of Steve Smith on his birthday!Will Liverpool’s historic title win be overshadowed by the Coronavirus pandemic? Advertisementlast_img read more

Andree Makes CBA History

first_imgBy Rich ChrampanisLINCROFT – As he stood at midcourt soaking in the applause of the home crowd following his record setting shot, it would have been perfectly acceptable for Pat Andree to take a moment and realize what he accomplished. After all, with names like John Crotty, Bob Roma and his head coach, Geoff Billet, on the list of all-time CBA greats, the fact that Andree stood above them all as the Colts all-time leading scorer afforded him the chance to think about what he has accomplished.Instead, Andree and his coach stared straight into the cameras not even flashing a grin. At the time of his record setting shot, the outcome of the game was still in doubt against the Howell Rebels. It’s this mindset and attitude that is the exact reason that Pat Andree will forever be a part of CBA’s rich basketball history.Andree needed 23 points to surpass the legendary Bob Roma as the Colts top scorer in history heading into the Howell game. With 15 points at the half, Andree opened the third quarter with three straight three pointers to get him to 1,672 career points. His record setting triple put the Colts ahead 44-42 and once the moment happened, the entire CBA team seemed to breathe a collective sigh of relief and went on to a comfortable 69-52 win over the Rebels.Following the game, Andree did take the time to smile and appreciate what he accomplished, but on a day where all the media wanted him to talk about was himself, he still made it about the team.“This is actually a team achievement for me because all the guys I’ve played with over the last three years helped me get here. This was not just me,” Andree said. The forward then went on to illustrate his point by describing the three point shot that gave him the record. “The way I got it was a wide open look from a great rebound from my teammate. I’m just capitalizing on the hard work of my teammates who got me the ball.”Towering over the majority of his competition at 6-foot-8, Andree can dominate in the paint with polished moves in the post and the basketball IQ to get great looks. But what makes him one of the all-time greats in CBA history is his total game. His ability to shoot three pointers is astonishing; you don’t expect to see a big man have the kind of range that is reserved for shooting guards. Just as impressive is his ability to distribute the basketball with the kind of no-look passes that you would normally see from an elite point guard.“He’s the whole package – student, person, family. He’s the type of kid we want representing our school and our basketball program,” coach Geoff Billet said. “The points are great and I’m very happy that he got the record and is well deserving, but he’s become such a well rounded player and he’s worked so hard to do that. It’s been fun watching him develop over the past four years.”The “Colt Crazies” show their appreciation to Pat Andree after he surpassed Bob Roma as the top scorer in CBA history.The development will continue in the Patriot League when Pat begins his college basketball career playing for the Lehigh Mountain Hawks. He chose to head to Pennsylvania over five other Division I offers including George Washington University in the higher profile Atlantic 10.“I can tell it’s just a great team, they all love each other, a bunch of brothers just like CBA,” Andree said. “Just to get up there, I’m very excited, but first I want to win a Shore Conference championship and win a state title.”The climb to the top of CBA immortality is an arduous one, which makes the fact that Andree’s wide open three to set the record is a little bit ironic. The good news for Colts basketball supporters is that Pat Andree isn’t done climbing. Perhaps the greatest part of his legacy is the fact that this humble and quiet superstar isn’t a “me” guy. The talk of records and accomplishments will most likely happen at CBA reunions and just like on the day he set the mark, it will be other people asking him the questions. In the halls of the Lincroft campus, the name Pat Andree will be talked about right alongside the all time greats from over six decades of championship.last_img read more

Mayor Mulls Resident’s Plan to Calm Traffic, Create Parking

first_imgThis plan now, “probably would be beneficial for the town,” Rast said. But he continues to support the idea of constructing a garage with a commercial component, built by a private developer, which he had proposed nearly two decades ago, while on the borough council and before his term as mayor. The mayor and council at the time didn’t move for ward with the idea.This article was first published in the May 25-June 1, 2017 print edition of The Two River Times. Businesses, she said, haven’t expressed their preference for this idea so far, but “it could help,” she suspected.“It’s good parking’s a problem,” observed Frederick Rast. “It means we’re getting busier.”Rast is the immediate past mayor and a commercial property owner, with holdings on First Avenue. He recalled previous discussions over the years about making First Avenue one-way, which the business community opposed at the time; the concern was it would reduce business visibility by motorists, Rast remembered. Rast also remembered decades ago when there was angled parking on a two-way First Avenue “and we had a lot of accidents.” Hennessey, which currently allows parking on only one side of the street, would have angled parking on one side for that stretch of roadway, according to Fisher’s proposal, Le Grice said.Fisher was not immediately available to discuss his plan this week, but Le Grice said reconfiguring the roadways and angling parking would result in an additional 88 spaces.Fisher would also like to see calming speed humps across First Avenue, for greater control over speeding motorists in the commercial area, Le Grice said.Le Grice said Fisher is not a traffic engineer and conducted this study out of civic responsibility. The mayor explained Fisher has been concerned about the parking over flow creeping into residential neighborhoods adjacent to the commercial district. Commuters shut out of Seastreak’s available parking and patrons of the local restaurants, theaters and other businesses have taken to using on-street spaces in front of people’s homes, according to the mayor. However, “This would alleviate some of the congestion,” and while not completely eliminating the parking shortfall, “It would go a long way,” to addressing it, Le Grice maintained.Parking is increasingly becoming a commodity in the community as new businesses and other development projects – such as two new mixed-use residential and commercial projects currently under way – are attracted to the community, she noted. At this point “It was just a discussion and presentation,” Le Grice stressed, without any formal study or analysis. Given First Avenue is a county road, she also noted, it would require approval from the county engineer and possibly Planning Board before the borough could undertake any change.center_img Residents who live in the commercial district, within a short walking distance from the municipal parking area on Railroad Avenue, can purchase annual overnight parking permits for that lot for $35. But Le Grice said with the new developments going up that will soon strain the lot’s capacity.For the long term, officials would be advised to think about a multilevel parking garage on the municipal-owned Railroad Avenue property, Le Grice said. Atlantic Highlands officials are considering reconfiguring the traffic flow on First Avenue in the commercial district, to relieve traffic congestion and add parking spaces.By John Burton |ATLANTIC HIGHLANDS – A plan to reconfigure traffic on a portion of the borough’s main thoroughfare in the commercial district to offer some relief from the increased traffic and the ever-worsening parking shortfall, has the mayor giving it some real thought.At the May 10 Borough Council workshop meeting, local officials heard from Third Avenue resident Mark Fisher, who detailed a plan in a PowerPoint presentation to change a portion of First Avenue into a one-way street.Complementing that proposal is another one, in which Fisher recommends that stretch of roadway, with the extra room allotted by one-way traffic, have 60-degree, angled-in parking.“It’s an easy solution in my eyes,” Mayor Rhonda “Randi” Le Grice said last week, for a long-simmering problem that only appears to be getting worse. “It’s just a matter of changing the signs and stripes and measuring it out. That’s pretty simple.”The proposal would have traffic travel in sort of a loop; on First Avenue one-way for the two-block distance from Mount Avenue to Bay Avenue, with traffic limited to moving east toward the borough municipal harbor, which is in proximity of the 2 Simon Lake Drive launching area for Seastreak commuter ferry service.Cross streets would remain two-way; on Hennessy Boulevard, which is immediately north of First Avenue and runs parallel to First, traffic would be one-way traveling west, from Bay Avenue to Highland Avenue. “It needs to be looked at, it really does,” she said.But it wouldn’t be cheap if the borough considers this future alternative, with Le Grice estimating a garage would average about $15,000 per space to construct.Le Grice is seeking input from the community, residents and businesses, as the borough council considers Fisher’s ideas.Cindy Fligor is president of the borough’s Chamber of Commerce and owns and operates Salon at 68, a First Avenue hair salon, as well as being married to Borough Councilman Louis Fligor.last_img read more

According To ESPN’s FPI, All 10 SEC Teams Are Favored In Their Bowl Games

first_imgESPN's FPI for SEC teams in bowl games.espn fpi all sec teams favoredWe’re halfway through bowl season, but the SEC – which has 10 teams that qualified for the postseason – has yet to play a contest. That changes tonight when LSU takes on Texas Tech in the Texas Bowl. The Tigers, according to ESPN’s FPI, have a 70% chance to win.In fact, according to EPSN’s FPI, all 10 Southeastern Conference squads have a higher than 50% chance to win.Tuesday, the SEC Network tweeted out a graphic that shows the percentage chances for each SEC team. Surprisingly, both Florida (vs. Michigan) and Texas A&M (vs. Louisville) are favored despite issues at the quarterback position.The SEC is favored in ALL 10 of their bowl games according to ESPN’s FPI. pic.twitter.com/c4CN3QRgQy— SEC Network (@SECNetwork) December 28, 2015To be clear, ESPN’s FPI is not Las Vegas odds. And obviously, the SEC won’t go undefeated this bowl season. But it’s an interesting graphic, to say the least.last_img read more

Hunter Hayes To Perform At Grammy In The Schools Live

Five-time GRAMMY nominee Hunter Hayes will perform with members of GRAMMY Camp — Jazz Session at the sixth annual GRAMMY In The Schools Live! event presented by Ford Motor Company during GRAMMY Week.More than 400 students from the greater Los Angeles area — including 375 from the L.A. Unified School District — will be joining in this special celebration on February 4. Prior to the concert the students will have participated in the GRAMMY Foundation’s GRAMMY Camp — Basic Training program at their school with the support of LAUSD’s Beyond The Bell Branch. GRAMMY Camp — Basic Training is a one-day event that brings top music industry professionals together with high school students to make them aware of careers that are available in music and present a behind-the-scenes look into the industry. These students were also given a careers-in-music lesson taught by their music teachers and developed by the USC Thornton School of Music.Tickets are on sale now at AXS.com. read more

Washington state is allied with BC on Trans Mountain pipeline governor

first_imgVANCOUVER – The governor of Washington says his state is “allied” with British Columbia in questioning whether the Trans Mountain pipeline should be expanded.The project poses a threat to waters off the West Coast, which Washington residents view as a treasure, and the state is looking at marine safety laws that would help mitigate the impact of a tanker spill, Gov. Jay Inslee said Friday at a meeting with B.C. Premier John Horgan and officials from Oregon and California.“We are hopeful that the premier’s efforts to allow the voices of his citizens to be listened to will be successful, because it is very much in common with our citizens,” Inslee said, adding that residents in his state recently rejected proposals for both coal and oil ports.Inslee commended British Columbia for leadership on climate protection. But he said Trans Mountain may be a federal policy that “shoots Canada in the foot” and reverses some of the work the province has done.Alberta and B.C. have been locked in a battle over the future of Kinder Morgan’s $7.4-billion plan to triple the capacity of the Trans Mountain pipeline, which runs from Edmonton to Burnaby, B.C.Federal Environment Minister Catherine McKenna acknowledged Friday there are differences over the pipeline, but she said it was approved by Ottawa after extensive reviews and it will be built.“We did that review by increasing engagement with communities, by meaningful consultation with Indigenous Peoples, by looking at the science and the evidence and also looking at the project in the context of our climate plan, and we approved that project,” she said in Victoria.“The project was also approved by the previous B.C. government and we think the project should go ahead.”B.C. is asking the courts to determine if it has jurisdiction to limit how much diluted bitumen can flow through pipelines in the province.The members of the Pacific Coast Collaborative met in Vancouver on Friday to mark its 10th anniversary and agreed to add drug overdoses and trade to the list of issues considered vital to the four jurisdictions.The forum was created in 2008 to encourage joint action on matters like climate change and the environment but the group also wants to confront what Inslee calls the “scourge of substance-use disorders.”A news release from the premier’s office says they are also committed to ending the stigma and discrimination associated with addiction and substance-use disorders.Later on Friday, Horgan announced B.C. will contribute $300,000 towards a study with Washington state on the potential for a high-speed rail line connecting Vancouver, Seattle, Portland and other cities beyond. Washington has approved funding of up to US$1.2 million towards the new study.B.C. says the service could cut travel times between Vancouver and Seattle to about 60 minutes from three hours.Collaboration throughout the Pacific region is particularly important in the current political climate, said Matt Rodriquez, California’s secretary of environmental protection.“To be candid, for those of us in the United States, there’s an absence of leadership in the federal government right now and so it’s incumbent on us to work together and step up and show what we can do between our various governments,” he said.Inslee said that collaboration is evident in the group’s approach to climate change.“On the West Coast, we know that climate change is not a hoax,” he said. “It doesn’t matter what foolishness comes out of the White House. Leaders on the West Coast are united in understanding science in the commitment to clean waters and clean air.”The group is a physical representation of governments working together across borders on critical issues, Horgan said.“I believe we’re demonstrating to North America the commonalities that we have despite artificial boundaries,” he said.“The 49th parallel exists on maps and on globes, but we’ve demonstrated today … that working together, the people who populate this spectacular region have a common purpose. And that is to ensure that our environment is protected so our economy can flourish.”Horgan said his U.S. counterparts understand the urgent need to protect a shared environment and to slow climate change across a region that is home to 55 million people and represents the world’s fifth-largest economy.(Companies in this story: TSX: KML)last_img read more