• Ocwen2.71+0.04 +1.50%
  • Zillow42.87-0.36 -0.83%
  • Trulia47+0 +0%
  • NationStar17.37-0.19 -1.08%
  • CoreLogic41.81+0.10 +0.24%
  • RE/MAX55.25-0.40 -0.72%
  • Fannie Mae2.81+0.08 +2.93%
  • Freddie Mac2.675+0.055 +2.099%
  • Wells Fargo53.02-0.72 -1.34%
  • CitiMortgage61.07+0.37 +0.61%
  • Bank of America24.00-0.07 -0.29%
  • Lennar50.39-0.60 -1.18%
  • Fidelity National Financial40.39-0.08 -0.20%
  • D.R. Horton33.07-0.18 -0.54%
  • PulteGroup22.75-0.27 -1.17%
  • First American41.66-0.40 -0.95%
  • BKFS39.10+0.20 +0.51%
  • AUDUSD=X0.7384+0.0006 +0.0745%
  • USDJPY=X113.2800-0.5410 -0.4753%
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Ocwen Reports Second-Quarter Income of $67M

Ocwen Reports Second-Quarter Income of $67M

Second-quarter profits at Ocwen Financial fell short compared to last year as costs came up. The company reported net income of $67.0 million last quarter, a decline of nearly $10 million from the year ago period. While revenue was up 2 percent year-on-year to $553.1 million, normalized pretax earnings took a 7 percent hit, which Ocwen chairman Bill Erbey explained was the result of higher regulatory and compliance costs and interest expense.

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Servicers Rate Higher in Customer Satisfaction in 2014

Servicers Rate Higher in Customer Satisfaction in 2014

Mortgage servicers have made substantial progress over the last year in improving borrowers' customer experience, a new survey released by J.D. Power shows. In its yearly survey of customer satisfaction for primary mortgage servicers, the company found the servicing industry as a whole averages 754 on a 1,000-point scale, up more than 20 points from last year.

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$2.5B Fannie, Freddie MSR Portfolio Up for Bid

$2.5B Fannie, Freddie MSR Portfolio Up for Bid

A new $2.5 billion GSE mortgage servicing rights (MSR) portfolio has hit the market. MountainView Servicing Group, acting as exclusive sale advisor to the MSR seller, unveiled the portfolio, which includes both Fannie Mae and Freddie Mac loans. According to MountainView, the portfolio is made up of 94 percent fixed-rate and first-lien product with an average loan size of $226,161.

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Mortgage Application Volumes Fall Slightly

Mortgage Application Volumes Fall Slightly

The Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey recorded a 2.2 percent decrease in applications during the week ending July 25. Among the mortgage activity recorded, the percentage of refinancing applications fell from 54 percent to 53 percent, while the share of adjustable-rate mortgage (ARM) applications stayed the same at 8 percent.

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Bank of America Fined $1.3B in ‘Hustle’ Case

Bank of America Fined $1.3B in ‘Hustle’ Case

A federal judge has ordered Bank of America to pay nearly $1.3 billion in penalties over a fraud case decided last year. The case revolved around a lending procedure referred to as the "High-Speed Swim Lane, "which prosecutors say was designed to churn out loans as quickly as possible with little regard for risk.

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Fed to Cut Monthly Bond Purchases to $25B

Fed to Cut Monthly Bond Purchases to $25B

Leaders at the Federal Reserve voted Wednesday to move forward with the central bank's plans to gradually cut monthly bond purchases, a sign of growing confidence that the economy is trending in a more favorable direction. In a statement released following its July meeting, the Federal Open Market Committee announced it has voted to bring its purchases of agency MBS and longer-term Treasury securities to a pace of $25 billion per month.

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GDP Growth Climbs to 4.0% in Q2

GDP Growth Climbs to 4.0% in Q2

The U.S. economy experienced a sharp turnaround from the first quarter to the second, fueling hopes of a rebound as the rest of the year plays out. Real gross domestic product (GDP) increased at an annual rate of 4.0 percent in the second quarter of the year, according to an advance estimate released by the Commerce Department. Growth came in at the high end of a survey of economists, with the consensus forecast calling for an increase of 3.1 percent.

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Bay State Home Sales See Modest June Increase

Bay State Home Sales See Modest June Increase

A report by the Warren Group finds that single-family home sales in Massachusetts increased in June, which marks the first year-over-year increase since the start of 2014. Timothy M. Warren Jr., CEO of the Warren Group, explained the monthly increase amid a slow year, noting that June's numbers are reflective of sales initiated during the spring season.

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Refinancing Falls Further; Cash-Outs Tick Up

Refinancing Falls Further; Cash-Outs Tick Up

After fizzling out over the past several quarters, the post-recession refinance boom officially ended in the quarter, according to data from Freddie Mac. The mortgage behemoth released on Tuesday the results of its quarterly refinance analysis for Q2, showing that refinancing fell in the last three months to below 50 percent of total mortgage activity as rising interest rates have stifled demand.

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Homeownership Down to 19-Year Low

Homeownership Down to 19-Year Low

According to an estimate from the Census Bureau, the U.S. homeownership rate was 64.7 percent in the second quarter, a decrease of 0.1 percentage point from the first quarter's previous low and 0.3 percentage points from the same time last year. It was the lowest rate since 1995. Homeownership continued to slide among the millennial age group, who find themselves burdened by high debt, tight credit conditions, and limited job prospects.

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