News

Washington hits Ocwen with fine for using unlicensed offshore companies

Ocwen to pay $900,000; only use licensed entities to service Washington loans
Ocwen Financial will pay $900,000 to the state of Washington after an investigation conducted by the state found that Ocwen used unlicensed companies in India and the Philippines to service mortgage loans, the state’s financial regulator announced Thursday. Here are the details.
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6 critical areas vendors need to deliver for the FHA’s CWCOT program

Compliance risk mitigation requires careful coordination
While the primary goal of the FHA's "Claims Without Conveyance of Title" program may be to encourage a faster sale of the property, the CWCOT program involves far more than just arranging for a sale of real estate. To help properly execute the program, here are six areas in which a vendor must perform exceedingly well in order to put a working CWCOT program together.
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FHA makes it easier for struggling borrowers to keep their homes

Announces "streamlined" loss mitigation process for mortgage servicers
Borrowers with a high loan-to-value ratio mortgage received some welcome news on Thursday morning when the Federal Housing Finance Agency announced that it plans to extend the Home Affordable Refinance Program into 2017. But what about struggling borrowers whose loans are insured by the Federal Housing Administration? Well, those borrowers are now about to get some relief of their own.
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HARP extended into 2017; FHFA plans new refinance program

More than 300,000 homeowners still eligible for HARP
It's not over. Homeowners are yet again getting another chance from the Federal Housing Finance Agency to take advantage of the Home Affordable Refinance Program. The new deadline is now Sept. 30, 2017. But this time around, things are different.
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Natural hazard risk holding back home sales

But home prices are higher in high-risk areas
Home sales in high-risk areas are significantly lower than home sales in areas with lower risks. While this may not come as much of a surprise, people are still paying for homes in these high-risk areas. So, what's the difference?
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Guaranteed Rate Field to become home of Chicago White Sox

Mortgage lender buys naming rights for stadium
For the last 13 years, the Chicago White Sox played their games at U.S. Cellular Field, but beginning next year and for the next 12 after that, the White Sox stadium will have a new name – Guaranteed Rate Field. The White Sox and Guaranteed Rate announced that the Chicago-based mortgage lender is buying the White Sox stadium's naming rights for at least the next 13 years.
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