Tag Archives: loan servicing

Audits find fault with help provided to FHA borrowers during pandemic

By | | Uncategorized
Comments Off on Audits find fault with help provided to FHA borrowers during pandemic

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 →

Regulators are tracking complaints about ‘deficient’ financial chatbots

By | | Uncategorized
Comments Off on Regulators are tracking complaints about ‘deficient’ financial chatbots

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 →

Mr. Cooper closing in on $1T portfolio with Home Point deal

By | | Uncategorized
Comments Off on Mr. Cooper closing in on $1T portfolio with Home Point deal

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 →

Mr. Cooper says it will use AI to service $1 trillion in mortgage loans

By | | Uncategorized
Comments Off on Mr. Cooper says it will use AI to service $1 trillion in mortgage loans

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 →

Homepoint selling wholesale business to The Loan Store

By | | Uncategorized
Comments Off on Homepoint selling wholesale business to The Loan Store

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 announces third round of layoffs affecting 800 workers

By | | Uncategorized
Comments Off on Mr. Cooper announces third round of layoffs affecting 800 workers

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 →

Hints of more layoffs loom at Mr. Cooper as profits wane in Q3

By | | Uncategorized
Comments Off on Hints of more layoffs loom at Mr. Cooper as profits wane in Q3

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 →

LoanDepot accelerating layoffs, exiting wholesale business

By | | Uncategorized
Comments Off on LoanDepot accelerating layoffs, exiting wholesale business

The lender plans to boost revenue by growing purchase loan business and loan servicing portfolio, with digital HELOC also in the works, according to a second-quarter earnings call. Continue reading →

Sagent to power loan servicing for Bank of England Mortgage

By | | Uncategorized
Comments Off on Sagent to power loan servicing for Bank of England Mortgage

The Arkansas-based lender will use Sagent’s servicing solutions to collect monthly payments from borrowers and manage loans when homeowners get behind on their payments. Continue reading →

Loan servicing giant Mr. Cooper lays off another 420 workers

By | | Uncategorized
Comments Off on Loan servicing giant Mr. Cooper lays off another 420 workers

Investors warned of “break even” second quarter as rising mortgage rates put a bigger-than-expected dent in loan originations. Continue reading →