CFPB proposes 7 big changes to foreclosure process for mortgage servicers

CFPB proposes 7 big changes to foreclosure process for mortgage servicers

Adds guidance on extended borrower protections

Fannie Mae: Don't expect 2015 to be a breakout year for housing

New year will likely mirror 2014

Stop panicking about recent foreclosure numbers

The sky is not falling
W S

Servicing

CFPB proposes 7 big changes to foreclosure process for mortgage servicers

Adds guidance on extended borrower protections
Brena Swanson
The Consumer Financial Protection Bureau is proposing additional measures to ensure that homeowners are treated fairly by mortgage servicers. Here are the key changes.
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Foreclosure sales were down a solid 36% YOY in 3Q

Hope Now: Foreclosure sales hit lowest since 2007
Trey Garrison
About 468,000 homeowners received non-foreclosure solutions from mortgage servicers in July, August and September, according to Hope Now.
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Stop panicking about recent foreclosure numbers

The sky is not falling
Rick Sharga
So, are we about to see housing Armageddon? Do these ominous increases in foreclosure activity mean that the market is about to implode? No. Not even close. Allow me to explain.
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$1.2 billion Fannie, Freddie MSR portfolio available for sale

Seller hopes for sale by year-end
Ben Lane

“It’s a very desirable deal: you have size, a strong seller, and clean product,” said Robert Wellerstein, managing director at MountainView Servicing Group. “That’s what you should be looking for as a buyer.”


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Sen. Warren accuses FHFA’s Watt: “You haven’t helped a single family”

Senator charges FHFA with dereliction on principal reduction
Trey Garrison
What started as a dry, lame-duck session hearing on the Federal Housing Finance Agency in the Senate Banking Committee on Wednesday, got heated when U.S. Sen. Elizabeth Warren, D-Mass., went guns blazing after the FHFA director.
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Cancelation of Wells Fargo deal spells more trouble for Ocwen

Stock approaching new low for the year
Ben Lane
Considering the fact that Ocwen Financial announced the cancelation of its $2.7 billion mortgage servicing rights deal with Wells Fargo after the stock market closed yesterday, the company probably knew that its stock was going to take a hit when the market reopened on Friday. And that’s just what happened.
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Mortgage delinquencies continue slide in 3Q

Delinquencies now at lowest since 2007
Trey Garrison
The delinquency rate for mortgage loans on one-to-four-unit residential properties decreased to a seasonally adjusted rate of 5.85% of all loans outstanding at the end of the third quarter of 2014.
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Massive MSR deal between Wells Fargo and Ocwen is officially dead

Deal was put on hold by NYDFS in February
Ben Lane
The long-delayed $2.7 billion mortgage servicing rights deal between Ocwen Financial and Wells Fargo is now dead, the companies announced late Thursday. In February, the New York Department of Financial Services put an indefinite hold on the transaction. Now, any hope of reviving the deal is futile.
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RealtyTrac: Foreclosures increase for two months straight

Biggest monthly increase in 4 years
Brena Swanson
Although this is the largest month-over-month increase since U.S. foreclosure activity peaked in March 2010, the increase is not a significant surprise due to historical trends. But that doesn't mean there isn't more than just a seasonal pattern at work.
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Ocwen stock jumps on reports of Lawsky’s departure from NYDFS

NYDFS Superintendent has aggressively pursued Ocwen and affiliates
On Monday, reports began circulating that New York Department of Financial Services Superintendent Benjamin Lawsky would step down in 2015. And Tuesday, the stocks of Ocwen and its affiliates jumped upon the news that Ocwen’s main antagonist may be leaving.
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