Among three third-party mortgage originators that are closing is an Ocwen Financial Corp. unit. Multiple credit unions failed over this past summer.
Last year, $2 billion of West Palm Beach, Florida-based Ocwen’s $5 billion in total mortgage originations was generated through the wholesale channel.
But with a disclosure earlier this week that it has decided to exit the wholesale forward lending business, Ocwen will potentially lose 40 percent of its annual production.
Source: Mortgage Daily