Speculation continues to grow concerning which nonbanks have looked at buying PHH Mortgage. Our sources caution that “looking” doesn’t mean a deal is close. PHH is based in Cherry Hill, NJ, not too far from Philadelphia. One advisor suggested we look at who has been flying in from points south.
One executive familiar with PHH Mortgage said he anticipates that other senior officers may leave shortly. The firm's departing CAO was with the lender for just over a year.
According to a new research note from Sterne Agee, 65 percent of Altisource’s reported revenue is tied to Ocwen or Ocwen-related companies. “This is a highly symbiotic relationship," writes Stern Agee analyst Henry Coffey.
Nonbanks owned servicing rights on $1.136 trillion of securitized mortgages at the beginning of 2010, a figure that has swelled to $1.906 trillion as of the end of last year.
Mark Garland, president of MountainView Servicing Group, said he likes the product, noting that the timing couldn’t be better: “There are a lot of guys out there who are strapped for working capital,” he added.
All the world loves the CFPB? Not in the mortgage space, it seems. Financial services consultant Joe Garrett said he has six mortgage clients that have undergone exams by the agency. To say the least, it hasn't been a happy experience.
There has been talk in the market that JPM would unload some of its “high touch” MSRs this year, but so far brokers that play in the space have reported no scheduled auctions.
Is Onity Group eyeing a sale? Perhaps. And why not? Servicing values are approaching a 25-year high.
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