Constellation Software handed the keys to Empower, Optimal Blue
To satisfy antitrust regulators, ICE divests itself of Black Knight's loan origination and mortgage pricing business, but gets access to mortgage loan servicers and MLSs in $11.9B merger
by Matt Carter Sep 15
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
by Matt Carter Jun 15
Regulators are tracking complaints about 'deficient' financial chatbots
Consumer Financial Protection Bureau warns of reputational and legal risks of relying on 'deficient chatbots' as a primary mode of interacting with customers
by Matt Carter Jun 6
Mr. Cooper closing in on $1T portfolio with Home Point deal
After selling off originations businesses and laying off thousands of employees, Home Point agrees to sell itself — and $84B in mortgage servicing rights — for $324M in cash
by Matt Carter May 11
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 $50M in annual savings at the outset of a 'multiyear' artificial intelligence project
by Matt Carter Apr 27
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 end of Q2
by Matt Carter Apr 7
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
by Matt Carter Nov 3
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
by Matt Carter Oct 28
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
by Matt Carter Aug 15
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
by Matt Carter Jul 28
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
by Matt Carter Jun 3
Mr. Cooper lays off originators while mortgage servicing business booms
Sale of Xome subsidiary could be in the works as lenders boost foreclosure filings and auction platform's distressed property inventory swells to record levels
by Matt Carter May 3
Cornerstone latest lender to take mortgage loan servicing in-house
In a coup for Black Knight, the deal is the latest in a growing trend as lenders see servicing as a way to smooth out revenue and retain past customers when they refinance or buy their next home
by Matt Carter Apr 13
Sagent keeps lining up deals after starting year with a bang
Pittsburgh-based Clearview Federal Credit Union partners with Sagent to bring its mortgage servicing business in-house. The company has announced several similar deals in months past
by Matt Carter Apr 6
Sagent signs 7-year deal to power loan servicing for Servion Mortgage
'Bank-on-your-phone experience' lets consumers manage entire homeownership lifecycle from any device
by Matt Carter Nov 16