Saturday, October 3, 2015

New Residential to repay $2.5B in mortgage servicer advances

Citing an “inadvertent” oversight in a previous downgrade of Ocwen Loan Servicing servicer rankings, Standard & Poor’s announced earlier this week that it was lowering its ranking of Ocwen as a residential mortgage master servicer from “above average” to “below average.” And that move triggered a massive payback from New Residential.

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