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Servicing

CFPB and FTC fine Green Tree $63 million for “mistreating borrowers”

CFPB: Green Tree harassed and threatened overdue homeowners
Ben Lane
The Consumer Financial Protection Bureau and the Federal Trade Commission are taking action against Green Tree Servicing for “mistreating borrowers” who were attempting to save their homes from foreclosure. According to the CFPB and the FTC, Green Tree failed to honor modifications for loans transferred from other servicers, demanded payments before providing loss mitigation options, delayed decisions on short sales, and harassed and threatened overdue borrowers. Here is Green Tree's response.
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Safeguard Properties promotes Michael Greenbaum to chief operating officer

Previously served as vice president of operations
Ben Lane
Safeguard Properties, the mortgage field services provider, announced the promotion of Michael Greenbaum to the position of chief operating officer. Greenbaum, who joined Safeguard in 2010, previously served as vice president of operations.
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Ocwen announces amendment to its senior secured term loan

Extends deadline for delivery of audited financial statements to May 29, 2015
Ben Lane
Ocwen Financial announced late Friday that it entered into an amendment on its senior secured term loan that will go into effect on Monday, April 20. According to Ocwen, the amendment “removes, with respect to the 2014 fiscal year, the requirement that Ocwen’s financial statements and the related audit report must be unqualified as to going concern.”
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Green Tree earns top marks in Fannie Mae mortgage servicer ratings

Awarded a superior five STAR designation
Ben Lane
Green Tree Servicing announced Friday that it received a superior five STAR designation as part of Fannie Mae’s Servicer Total Achievement and Rewards program for 2014. Green Tree also said that 2014 is the third consecutive year the company has earned the top performer distinction within its STAR peer group.
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Housing advocacy groups call on FHFA, CFPB to investigate “pro-foreclosure” tactics

Groups cite Ocwen as leader in preventing mortgage defaults
Ben Lane
A consortium of housing advocacy groups is calling on the U.S. Department of the Treasury, the Federal Housing Finance Agency, and the Consumer Financial Protection Bureau to investigate “pro-foreclosure campaigns,” which the groups say are being perpetrated by “Wall Street giants including the largest hedge funds, mortgage bond traders, and insurance companies.”
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Here's why force-placed insurance continues to get bad press

Is it time to shut it down?
Lynn Effinger
On the surface of it, most any reasonable person would understand that a mortgage lender has the right to protect its asset if the borrower is not adequately covered by homeowner’s or flood insurance policies. But here's where the controversy comes in.
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RealtyTrac: Foreclosures see first year-over-year increase since 2010

But overall activity drops to lowest quarterly level since 2007
Ben Lane
Foreclosure activity — which includes default notices, scheduled auctions and bank repossessions — rose in March, marking the first year-over-year increase in foreclosure activity since September 2010. But the news wasn't all bad.
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SEC puts an end to Carrington Capital investigation

After 18 months, they got nothing
Ben Lane
After an 18-month investigation, the Securities and Exchange Commission will not issue any penalties or pursue any enforcement action against Carrington Capital Management over its acquisition of New Century Financial.
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Safeguard Properties launches new fast-track legislation tool

Features interactive map tool
Brena Swanson
Safeguard Properties launched a new resource to fall in line with the growing trend of fast-track legislation for vacant and abandoned properties in order to provide industry professionals with a new tool to stay above growing legislation.
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Altisource Residential slammed with two class action lawsuits

Investors allege failure to fully disclose risks, conflicts of interest
Trey Garrison
Investors are gathering to launch two salvos at Altisource Residential in the form of class action lawsuits that allege the beleaguered Ocwen affiliate failed to disclose the kinds of risks and losses it to which it was exposing shareholders.
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