CRM, Ops, Consumer Direct, AE, LO Jobs; JV and MSA Updates; Redwood Trust Results; CFPB Action Apr 30 2021, 8:26AM
How are we 1/3 done with 2021 already? Few are sitting on their hands as the months roll on. Exxon had its first profitable quarter since 2019. Fannie Mae posted its first quarter results this morning: $5.0 billion net income for the first quarter of 2021 (compared with $4.6 billion for the fourth quarter of 2020), and its net worth increased to $30.2 billion as of March 31, 2021. In regulatory news, the CFPB took action against a reverse mortgage lender for deceptive advertising. And in IRS news, you don’t need new taxes if you enforce the old ones. Lots of loan officers made a lot of money in 2020, but you’ll need a net worth greater than $4.4 million to be in the top 1 percent in the U.S., and I mention this because the IRS and the Biden Administration believe that as much as $1.4 trillion in additional revenue could be raised with mo
Ocwen Financial (OCN) Q1 2021 Earnings Call Transcript fool.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from fool.com Daily Mail and Mail on Sunday newspapers.
Inman Connect
Nonbank mortgage lender and servicer Ocwen Financial Corp. continues to pursue a strategy of building its loan servicing portfolio by growing the loan origination business of its subsidiary, PHH Mortgage.
Ocwen last week announced that it’s acquired the correspondent lending business of Texas Capital Bank, a move that’s expected to roughly double PHH Mortgage’s correspondent lending business.
The deal with Texas Capital Bank comes on the heels of a $498 million debt restructuring, and PHH Mortage’s recruitment of a new head of correspondent lending, Andy Peach, from rival Mr. Cooper.
Ocwen CEO Glen Messina said in a statement that the moves “are major steps toward achieving our goal of adding at least $100 billion in new servicing in 2021.”
The agreement would generate $250 million in proceeds, which the nonbank mortgage company plans to use to pay down and refinance existing debt, while also investing in its servicing and origination businesses.