Walter Investment fined $29.6 million for False Claims Act violations

Walter Investment fined $29.6 million for False Claims Act violations

Subsidiaries allegedly submitted false reverse mortgage claims to HUD

The Wrap: Appraisal volume ticks down after two weeks up

New tips, tools and tricks of the trade

Dear Parents, don’t expect your homebuying Millennials to pay you back

loanDepot graph shows they can barely save for retirement
W S
Lending

Bank of America: 'We provide all required MSR documents'

Responds to Ginnie Mae MSR transfer block

pile of paper
/ Print / Reprints /
| Share More
/ Text Size+

After Ginnie Mae stopped the transfer of mortgage-servicing rights from Bank of America (BAC) to a nonbank, Bank of America emphasized that its servicing portfolios are on par with market requirements.  

“In the normal course of business, we sell segments of our existing servicing portfolio on standard market terms, which include providing all required documents to subsequent servicers and complying with investor and other requirements,” a Bank of America spokesperson said in general on the banks servicing business.  

American Banker writer Kate Berry broke the story (Paywall) Tuesday afternoon, saying Ginnie Mae halted the transfer due to missing documents and is asking for an inventory of loans with missing documents.

“Most of the portfolios we sell include a number of delinquent loans where documents have been transmitted to attorneys, as legally required, which may complicate these pre-sale review requirements,” Bank of America said in response.

Ginnie Mae confirmed the details of the American Banker account.

Recent Articles by Brena Swanson

Comments powered by Disqus