When it comes to default management hires, subservicer Cenlar has been a busy bee, adding a handful of new VPs. Is it expecting an increase in delinquencies or is something else afoot?
Cenlar, the nation’s largest subservicer, has a new leadership team. The move comes roughly 10 months after federal sanctions were filed against the firm.
For years, the number of subservicing contracts has proliferated. But with loan production falling, there is less of a rush to use outsourcing vendors. Some lenders may even move the function inhouse. (Includes data chart.)
The company sees demand for contract underwriting from mortgage lenders trying to originate purchase mortgages and other new products amid margin compression.
In a deal expected to close by year end, Rocket Companies will pay $1.28 billion in cash to acquire personal finance app Truebill, a six-year-old tech start-up with 2.5 million users.
One might think the mortgage SPAC thing has run its course. Maybe for lenders, but what about mortgage and real estate-related software? For star power, there’s Dave Winfield.
After settling OCC charges on how it manages subservicing risk, Cenlar faces the possibility some of its clients might bolt for the competition. But will they?
Subservicing behemoth Cenlar has caught the attention of the OCC, which slapped the loan processor with a consent order because of its risk management shortcomings. On the menu: corrective actions.
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