Subprime Servicing Shift to Nonbanks Raises Concerns About Regulation
November 21, 2012
According to the latest subprime servicer ranking from Inside Nonconforming Markets, only two major servicers increased their subprime portfolios at the end of the third quarter of 2012 compared with either the previous quarter or the third quarter of 2011: Ocwen Financial and Homeward Residential, which Ocwen intends to acquire in December. Both of the servicers and eight of the top 15 subprime servicers are nonbanks. Nonbank special servicers have increased their ... [Includes one data chart]