| Home : March 18 2014 Computer News : Matt Argall Expands His Business Into the Mortgage Industry |
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Matt Argall Expands His Business Into the Mortgage Industry |
March 18, 2014
MIAMI, FL--(Marketwired - Mar 18, 2014) - For decades, banks such as Goldman Sachs Group, Bank of America, Morgan Stanley, and Ally Financial have been selling mortgage-servicing rights. But now new restrictions from Washington, including rules prescribing how mortgage servicers interact with borrowers and how capital costs for servicing loans can be raised, are pushing banks out of the mortgage business in an effort to take some of the risks attached to it out of the banking system. As a result the handling of customers' loans by companies such as hedge funds and nonbank financial firms is expected to increase. Risks aside, the mortgage business can be really lucrative, mainly due to fees collected from mortgage owners for handling billing and payment collection. On top of that nonbank companies are not subject to the same capital rules and oversight, which allows them to simplify and streamline the process.
Link: http://www.marketwired.com/mw/release.do?id=1889590&sourceType=3
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