Loan servicing giant Mr. Cooper, which is facing multiple lawsuits over a recent cybersecurity breach, will provide two years of identity protection services and credit monitoring to all current and former customers. Continue reading
More than 4 million homeowners send their mortgage payments to Mr. Cooper, but it’s unclear how many had their data exposed as the company continues to investigate a breach discovered on Halloween. Continue reading
To satisfy antitrust regulators, ICE divests itself of Black Knight’s loan origination and mortgage pricing businesses, but gets access to mortgage loan servicers and MLSs in $11.9 billion merger. Continue reading
Loan servicer Mr. Cooper is ‘deeply disappointed’ that the HUD OIG audit focused on problems it says were mostly technical, rather than on borrower outcomes. Continue reading
The Consumer Financial Protection Bureau warns of reputational and legal risks of relying on “deficient chatbots” as the primary mode of interacting with customers. Continue reading
After selling off originations businesses and laying off thousands, Home Point will sell $84 billion in mortgage servicing rights for $324 million in cash. Continue reading
The loan servicer spends “several hundred million dollars a year” on call center operations and expects $50 million in annual savings at the outset of a ‘multiyear’ artificial intelligence project. Continue reading
Parent company Home Point Capital to take an equity stake in The Loan Store, with Homepoint executive Phil Shoemaker to be installed as CEO when the deal closes by the end of the second quarter. Continue reading
Mr. Cooper, which had 8,200 employees at the end of last year, laid off 250 workers from its lending business during the first quarter and announced another 420 layoffs in June. Continue reading
While growing loan servicing business remains profitable, according to Q3 earnings, paper gains on servicing rights could evaporate if interest rates fall and borrowers refinance out of portfolio. Continue reading