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Radian announces exit of CFO Sumita Pandit, elevates finance leaders

Finance, HWmember, Mortgage, Mortgage insurance, Radian, Servicing, Team Leaders /

U.S. mortgage insurer Radian Group Inc. said that president and chief financial officer Sumita Pandit is departing the company effective Thursday, according to filings with the Securities and Exchange Commission (SEC). Radian did not provide details on Pandit’s departure beyond mentioning that “in connection with the involuntary termination of Ms. Pandit’s employment, she will be […]

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Mortgage escrow misconceptions persist as payment amounts rise

Homeowners insurance, HWmember, Lereta, Mortgage, Mortgage Servicing, Property Tax, Servicing /

Borrowers say they are confident in their understanding of mortgage escrow accounts, but misconceptions persist. And rising property taxes and homeowners insurance premiums continue to drive payment increases that many homeowners do not expect. These are the conclusions of a new survey from LERETA, a provider of technologically advanced tax and flood services for the

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FHA delinquencies rise above 11%

Distressed, Housing markets, Servicing /

Mortgage delinquency rates increased in the most recent quarter, with Federal Housing Administration-backed distress spiking to multiyear highs, according to the latest industry report.  Processing Content Delinquencies increased to 4.26% in the fourth quarter on a seasonally adjusted basis, jumping up 27 points three months earlier, with upticks observed across all leading loan types. Year

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Onity reveals more about M&A, earnings in final results

Onity reveals more about M&A, earnings in final results

Earnings, M&A, MSR, Servicing /

Onity Group reported stronger fourth-quarter earnings, driven by a deferred tax asset valuation, and executives said they see opportunity in industry consolidation. But they signaled the company may take a different approach than some of its peers. Processing Content Net income to common shares was $126 million, compared to a $107 million to $131 million

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Pennymac to buy Cenlar’s subservicing business

Pennymac to buy Cenlar’s subservicing business

Capital markets, M&A, Servicing /

Pennymac struck a deal to buy Cenlar Capital Corp.’s subservicing business in a move that will boost its portfolio above a key benchmark and increase the nonbank concentration in the space. Processing Content The acquirer’s financial services company will pay $172.5 million upfront for Cenlar’s portfolio and operations with a $85 million contingent consideration, according

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Mr. Cooper exec jumps to Sagent for AI rollout

Mr. Cooper exec jumps to Sagent for AI rollout

Career moves, M&A, Mortgage technology, Servicing /

Mortgage servicing technology provider Sagent has hired another former Mr. Cooper executive to a leading role, naming Sridhar Sharma as president. Processing Content Sridhar Sharma, formerly chief innovation and digital officer at Mr. Cooper, is the new president of Sagent. Sharma joins Chris Marshall, the former Mr. Cooper president who became Sagent’s executive chairman in

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A K-shaped split is emerging in mortgage delinquencies

Distressed, Economy, Servicing /

Mortgage delinquency rates were up in the fourth quarter, with sharper increases in areas with rising unemployment rates and falling home prices, a new industry report shows. Processing Content While credit card and loan delinquency rates have mellowed, albeit at elevated rates, mortgage delinquency rates continued to steadily grow in the fourth quarter, although still

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Mr. Cooper sued over $20 third-party reconveyance fees

Law and legal issues, Servicing /

Mr. Cooper is facing another complaint over its fees, from plaintiffs claiming over $15 million in damages.  Processing Content Two borrowers filed the class action lawsuit this week in Ohio, including parent company Rocket Mortgage as a defendant. The filing seeks relief for over 787,000 borrowers who paid off their mortgage in recent years, who

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The hidden cost of vacant properties for mortgage lenders

Foreclosures, Risk management, Servicing /

When a borrower leaves a property, voluntarily or through foreclosure, the asset’s risk profile changes immediately. For housing financers and mortgage lenders, a vacant home is not simply a pause in revenue. It represents an active liability that requires aggressive management to prevent significant financial loss. Processing Content Understanding the specific risks associated with vacant

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ICE launches new MSP servicing platform user experience

HWmember, ICE Mortgage Technology, Mortgage, Servicing, Technology /

Intercontinental Exchange Inc. (ICE) said on Tuesday that it has completed the first phase of a broader modernization of its MSP mortgage servicing platform with the launch of an enhanced user experience. The company said the updated user interface is designed to improve navigation and lay the foundation for additional workflow automation and productivity tools

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