News

Here's a detailed breakdown of Ocwen's new restrictions by state

A deeper dive reveals what Ocwen can and can’t do going forward
The servicing issues at Ocwen Financial are allegedly so widespread that some states are placing stricter restrictions on the nonbank, beyond freezing the company’s ability to acquire new mortgage servicing rights and originate new mortgage loans. In fact, in one state, Ocwen has basically been put of out business entirely.
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Trump signs memorandum on Dodd-Frank's orderly liquidation authority

Along with another executive order and memorandum
President Donald Trump signed one executive order and two presidential memoranda on Friday, affirming once again that he plans to roll back many of the regulations put in place in the aftermath of the financial crisis. Unlike a broader past executive order designed to roll back the Dodd-Frank Wall Street Reform Act, Friday’s executive memorandum focused on the orderly liquidation authority part of Dodd-Frank.
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NAHREP stands behind Mortgage Banker Association proposition for GSE reform

Pleased with MBA’s attention to affordable housing
The National Association of Hispanic Real Estate Professionals issued a statement supporting the Mortgage Bankers Association’s proposal for GSE reform. NAHREP stressed that it supported the MBA’s focus on affordable housing, which would help Hispanics who make up 40% of the U.S. first-time homebuyer population.
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Cincinnati sues Harbour Portfolio Advisor over predatory foreclosure sales

Already under CFPB investigation
Harbour Portfolio Advisor remains in the hot seat as it faces another investigation into its foreclosure sales practices. The city of Cincinnati announced a lawsuit against Harbour Portfolio Advisor, one of the nation’s largest sellers of foreclosed homes, due to unpaid fines and alleged failure to properly maintain dozens of homes.
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Wells Fargo increases fake account class action settlement to $142 million

$32 million addition covers accounts fraudulently opened as far back as 2002
Last month, Wells Fargo announced that it agreed to a $110 million settlement in a class action lawsuit brought on behalf of the bank’s customers who had a fake account opened in their name. The settlement covered anyone who had an account opened in their name without their consent stretching back to Jan. 1, 2009. But Wells Fargo announced Friday that it is expanding both the size of the settlement and the time period the settlement covers by an additional seven years.
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Final Jeopardy for Richard Cordray

Is the CFPB stonewalling?
On April 5, 2017, Richard Cordray, the director of the Consumer Financial Protection Bureau, gave his semiannual testimony before the House Financial Services Committee. Chairman Jeb Hensarling spent only minutes grilling the former Jeopardy! champion about CFPB stonewalling employees. But there's more to the story, and this is just the start.
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Ocwen answers state regulators' charges of widespread servicing errors

"Ocwen will not sign unfair and unjust consent orders"
On Thursday, a group of state regulators, led by North Carolina, accused Ocwen Financial of having widespread errors on consumers’ escrow accounts and said that the company’s financial situation is tenuous, at best. Early Friday morning, Ocwen released a lengthy statement in response the state banking regulators allegations, and as one might expect, Ocwen said that it disagrees with the state regulators’ charges and plans to fight back.
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Here's where the CFPB will ramp up its focus in fair lending oversight this year

Mortgage lending high on list
After looking back at its fair lending priorities for 2016, the Consumer Financial Protection Bureau highlighted what areas will be on the top of its radar for 2017. So what’s at the top of the list? Mortgages. The bureau explains what particular areas it is ramping up its efforts in its latest annual Fair Lending report.
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Existing home sales soar to highest pace in more than a decade

Homes flying off the market
Existing home sales increased in March to the highest pace in more than a decade and home were sold significantly faster than last month and last year. However, one factor continues to put pressure on home buyers and hold back home sales: inventory. NAR’s chief economist explains that unless the market sees new inventory soon, home price increases will continue to outpace incomes.
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