Servicing

Caliber Home Loans, Inc., a residential mortgage origination and servicing company with headquarters in Texas, announced the hiring of Karen Bausman as managing sales director of correspondent lending for the Eastern Region.

MountainView Servicing Group announced it is advising the sale of another two mortgage servicing rights (MSR) portfolios, these ones possessing a combined unpaid principal balance of $1.1 billion. The first portfolio, which goes up for bid April 3, is $923 million of Freddie Mac servicing. The second offering unveiled this week is a $205 million Fannie Mae portfolio bidding on April 4.

Residential loan servicer Nationstar Mortgage announced Wednesday two new leadership appointments to build on the strength of its current executive team and support the company’s expansion.

Fannie Mae released its annual Servicer Total Achievement and Rewards (STAR) results, naming Fifth Third Bank as its sole Five STAR designee for overall performance and customer service. "We are pleased to see servicers' continued efforts to improve their operations, help homeowners and meet Fannie Mae's goals," said Leslie Peeler, SVP of the National Servicing Organization at Fannie Mae.

Fannie Mae announced Friday revisions to its maximum fee assessment for servicers submitting late or inaccurate loan reports. According to the announcement, Fannie will fine servicers the greater of $250 or $50 per mortgage loan, with maximums starting at $5,000 for the first instance and climbing up to $15,000 for repeated incidents. The new fee structure goes into effect May 1, 2014.

In a recent report, Fitch Ratings notes that new servicing oversight will yield higher fixed costs, as technology and process enhancements are made in order to comply with the new guidelines. This increase in cost will push non-bank servicers to grow their portfolios, and Fitch suggests “strong forces are still in place to further incent both outright MSR sales and subservicing arrangements, thus heightening scrutiny of such transactions."

Policymakers and servicing leaders gathered Tuesday at the Newseum in the nation’s capital for the fifth annual Five Star Government Forum, an all-day event created to foster honest and open dialogue about the servicing industry’s most pressing challenges. In case you missed it, we captured a few photos highlighting the day’s events and the lineup of speakers—including some of the most influential names in housing and servicing today.

Out of Colorado, brokerage Interactive Mortgage Advisors announced two separate mortgage servicing rights (MSR) offerings totaling a combined $583.6 million. The first portfolio, valued at $89.7 million, is made up of Fannie Mae, Freddie Mac, and Ginnie Mae loans that are five months seasoned. The other portfolio, a $493.9 million bulk Ginnie Mae offering, is made up entirely of recently originated Veterans Affairs loans.

California's Department of Business Oversight announced the state has joined 48 others in reaching a $2.1 billion settlement with Ocwen Financial Corporation and Ocwen Loan Servicing. The lawsuit stems from Ocwen's acquisition of two mortgage servicers, Litton Loan Servicing, LP and Homeward Residential, Inc., in 2011 and 2012, respectively. Ocwen was held liable for prior malfeasance regarding mortgage servicing laws.

The appointed monitor for the National Mortgage Settlement revealed Tuesday that all banks involved in the settlement have satisfied their consumer relief and refinancing obligations—and nearly a year ahead of schedule. In a release, Joseph A. Smith Jr. commented, "Because of the way this landmark agreement was designed, an unprecedented amount of relief has been provided to consumers quickly and efficiently."