Breaking News
  • Ocwen facing CFPB investigation, potential fine for servicing practices

    It’s been nearly three years since Ocwen Financial agreed to offer $2 billion in consumer relief and pay up to $127.3 million to settle a Consumer Financial Protection Bureau investigation into its servicing practices. But it looks like Ocwen may not be done with the CFPB yet, as the company revealed Thursday that the bureau is currently investigating the company’s mortgage servicing practices, which could lead to a fine and/or other disciplinary action. Click the headline to read more.

Servicing The Ticker

Freddie Mac offers relief services to Isaac victims

Homes in the pathway of Hurricane Isaac could obtain a 12-month foreclosure forbearance if they have Freddie loans and are dealing with damages left in the wake of the storm.

Freddie said homeowner relief will be extended to borrowers with damaged homes located in Louisiana and Mississippi—both of which have been declared major disaster areas.

"Freddie Mac has authorized the nation's mortgage servicers to provide a full range of mortgage relief options to affected borrowers with mortgages owned or guaranteed by Freddie Mac," said Tracy Mooney, senior vice president of single-family servicing and real-estate owned at Freddie Mac.

"Forbearance on mortgage payments for up to one year is one of several options our servicers have been instructed to offer borrowers on a case-by-case basis."

Freddie Mac offers several measures for qualified borrowers dealing with storm damage. In certain cases, the GSE will suspend foreclosure and eviction proceedings for up to 12 months. Freddie also waives assessments or penalties on late fees while blocking financial firms from reporting delinquencies or forebearances to the nation's credit bureaus.


Services Guide

Comments powered by Disqus