MCS Moving On Up … How Will This Work Out For Them?
Housing Wire has reported that Mortgage Contracting Services (MCS) is moving to a leased 120,000 sf facility in Lewisville, Texas. Nationstar Mortgage formerly occupied the building, and MCS is expected to move in this summer. The new MCS building will be able to accommodate up to 720 employees. The company’s new facility is 50,000 square feet larger than the company’s Plano headquarters, which is home to the company’s roughly 450 current employees. They have the building capacity to DOUBLE their staff. Read about MCS at GlassDoor.
Nationstar Mortgage (NSM)… an Ocwen lookalike … has gone from being a $60 stock to a $10 stock in a couple of years. NSM stock is at a loss-draft inspection price. Ocwen went from $60 to under $4 in the same period … down 37% in one day … 2/29/16. Ocwen stock is at a mortgage drive-by inspection price. The mortgage segment is dying … actually it is dead … says stock market short traders. Revenue is down … profits are down … these firms are cutting costs.
Why is MCS moving to larger offices? Does this mean that a recession is coming … more delinquencies and foreclosures?
How much does MCS pay for a mortgage drive-by inspection? Any comments?