Servicing

Ocwen's year-long difficulties with New York's Department of Financial Services (DFS) has ended with a $150 million settlement and the departure of its executive chairman, the company announced Monday.

In an update on his continued oversight of the landmark agreement, Joseph Smith Jr. revealed doubts about the internal review group Ocwen is using to monitor the company's compliance with settlement terms. Smith said his team launched an investigation in May after hearing from an employee about "serious deficiencies in Ocwen's internal review group process."

The offering, announced Friday, consists of Fannie Mae and Freddie Mac mortgages with more than $2.7 billion in unpaid principal balance, according to MountainView Servicing Group, which is acting as advisor on the sale. Bids are due December 18.

RoundPoint Mortgage Servicing customers concerned about any issues surrounding their loan can now access the company's Consumer Ombudsman online, thanks to an upgrade introduced this week.

Mortgage lenders originated an estimated $320 billion in loans throughout Q3, according to information collected by Mortgage Daily. While up nearly 8 percent from the second quarter's total of about $300 billion, third-quarter volumes fell short of year-ago levels by 31 percent.

Gateway Mortgage Group, a privately held mortgage company dealing in originations, servicing, and correspondent lending, has recruited John Matuszeski as VP of mortgage servicing, according to an announcement.

Rushmore's newest office, which opened in San Juan on November 3, is the third location for the firm, which services performing, re-performing, and non-performing loans. It is also the first branch to open outside of the continental United States.

The Consumer Financial Protection Bureau (CFPB) proposed on Thursday an additional set of measures designed to expand foreclosure protections for mortgage borrowers.

In California, CoreLogic has launched a new compliance solution designed to offer servicers a more comprehensive way to analyze their mortgage portfolios.

Wells Fargo, the nation's top mortgage lender, had agreed to sell $39 billion worth of mortgage servicing rights to Atlanta-based Ocwen, the nation's largest non-bank mortgage servicer, early this year. In February 2014, the transaction was delayed indefinitely by Benjamin Lawsky, head of New York's Department of Financial Services.