Daily Archives: March 28, 2017

Asheville committee considers Wells Fargo divestment because of DAPL

The Dakota Access Pipeline has the City of Asheville rethinking which bank it uses.

Asheville City Council’s three-member finance committee will hear from city staff at 1: 30 p.m. Tuesday on a proposal to divest the city’s $150 million budget account from Wells Fargo because the bank has played a role in financing the DAPL.

Read on.

Ocwen now one giant step closer to acquiring MSRs again after new NYDFS agreement

For more than two years, Ocwen Financial has been prohibited from acquiring new mortgage servicing rights in bulk, thanks to the company’s $150 million settlementwith the New York Department of Financial Services.

The news got a little better earlier this year when the California Department of Business Oversight removed the state’s mortgage servicing restrictions on Ocwen, but the NYDFS settlement still precluded Ocwen from buying new MSRs.

Now, it appears that Ocwen could be on the brink of returning to the MSR market full force, after the nonbank announced Monday that it reached a new agreement with the NYDFS, which paves the way for the complete removal of the MSR restrictions.

According to an Ocwen filing with the Securities and Exchange Commission, the company agreed on Monday to a new consent order with the NYDFS, which removes the third-party monitor stationed inside of Ocwen’s operations which was part of the original settlement with the regulator.

Read on.