News

HSBC yanks massive PHH mortgage servicing portfolio

PHH's subservicing portfolio will be cut by nearly 30%
It appears that PHH Corp. is dealing with a subservicing problem on its hands. For the second time in four months, the company is about to lose a large portion of its mortgage portfolio. The details this time around seem all too familiar.
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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 mortgages, 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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