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REO Management Solutions, LLC was recently acquired by PHH Mortgage Corporation (PHH) as part of an asset purchase transaction entered into with Reverse Mortgage Solutions, Inc (RMS). For over 30 years, PHH Mortgage has provided industry-leading mortgage services and helped countless homebuyers and homeowners find financing solutions to meet their needs. For more information, please visit https://www.phhmortgage.com/.

Attention REOCentral users: Please be aware that Microsoft is retiring Internet Explorer 11 on June 15 and officially replacing it with Microsoft Edge. To avoid any REOCentral service disruption, follow instructions on "How to Set Up Settings to Default Internet Explorer in Microsoft Edge".


REO News

Tech wave addressing a drop in retention to historic low
Some large mortgage companies reportedly have high retention rates, but the industry average is a different story, according to Mortgage Bankers Association data.

Fed's Williams says interest-rate cuts are 'likely later this year'
Federal Reserve Bank of New York President John Williams said the economy is headed in the right direction, and it will likely be appropriate to cut interest rates later this year

Black renters gain buying power but still far behind whites
Across the nation, over 700,000 Black families are "income mortgage-ready," or able to spend 30% or less of their income on a home loan for the typical house in their local market.

Former Wall Street exec to head up operations at Fannie Mae
A financial services veteran, Peter Akwaboah joins the government-sponsored enterprise after serving as a managing director for Morgan Stanley, where he led technology and innovation strategy.

Newrez alleges ploy by former exec to solicit managers
The mortgage lender is suing James Hecht, now CEO of OneTrust Home Lending, for organizing a ruse in which he fired a group of managers and then rehired them at his new company.

Commercial property foreclosures spike in January
Property lenders have often been willing to work with borrowers since the pandemic upended commercial real estate. Increasingly, their patience is running out.

Rocket posts $233 million net loss in 4Q
The megalender and servicer Rocket reported annual origination volume in 2023 of $78.7 billion, a 40% decline from 2022.

Planet Home Lending faces wave of class actions over PII breach
At least six legal actions are currently pending against Planet Home Lending for failing to protect customer data in November 2023.

JPMorgan Chase, TD draw AI talent through research labs
The New York bank's AI research group has published 400 papers, according to new research from Evident; TD Bank Group's Layer 6 unit published 14 last year. These groups work to solve real-life problems in the business units.

Why large servicers' net operating-income seems to have spiked
The Mortgage Bankers Association's preliminary first half 2023 analysis shows the highest jump since the 2000s housing boom. Here's what might happen next.