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Did you know that cows snooze laying down for the four hours of sleep they need a day? Did you know that horses sleep standing up? These tidbits may come in handy for me this week as I head to Cody, Wyoming for the WMLA annual conference. Or they may not. Here’s a question not so trivial: what has 250,000 customers and a $37 billion unpaid principal balance? Answer: Rushmore Loan Management Services’ residential mortgage servicing platform, being sold to Mr. Cooper Group this year. Recall that Mr. Cooper agreed to acquire Roosevelt Management Company, LLC, Rushmore's parent company, to serve as the platform for its mortgage servicing rights fund asset management strategy. Lenders of all shapes and sizes have been selling their MSRs for various reasons, not the least of which is to raise cash in tough times, and it appears that “tough” times will be with our industry for a while. For many lenders, servicing is the only asset worth anything. Depository ....
Loan servicer spends "several hundred million dollars a year" on call center operations and expects $50 million in annual savings at outset of multiyear AI project. ....
Rushmore Reaches Definitive Agreement to Sell Residential Mortgage Servicing Platform to Mr. Cooper Group streetinsider.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from streetinsider.com Daily Mail and Mail on Sunday newspapers.
Rising mortgage rates have many lenders looking to sell servicing rights, creating opportunity for Dallas-based company that now collects payments on $870 billion in loans. ....