Regulatory uncertainty, toxic environment drive Wells Fargo, Prospect out of MSAs

Trending Thursday: Is the job description “financial press” or “palace guard?”

From the Fed to FannieGate, plus the impact of banking regulations and more

Question remains: When will interest rates start rising?

3 different expert predictions
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CFPB to mortgage industry: Get out of MSAs

Industry calls move regulation by enforcement
The Consumer Financial Protection Bureau wants to mortgage lenders to stop using marketing services agreements, and it’s using the stick rather than the rules process to do so. The industry says no fair, that's regulation by enforcement. What do you think?
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Regulatory uncertainty, toxic environment drive Wells Fargo, Prospect out of MSAs

Recent RESPA interpretation cited as top concern
Two major players in the mortgage space are discontinuing marketing activities that depend on Marketing Services Agreements because of regulatory uncertainty, recent interpretations of RESPA, and a generally toxic environment because of inconsistent CFPB enforcement. And more are rumored to be dropping MSAs, too. Here's why.
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CFPB fines Residential Credit Solutions $1.5 million for illegal mortgage servicing

Allegedly failed to honor loan modifications, drove borrowers into foreclosure
According to the CFPB, Residential Credit Solutions failed to honor modifications for loans transferred from other servicers, treated consumers as if they were in default when they weren’t, sent consumers escrow statements falsely claiming they were due a refund, and forced consumers to waive their rights in order to get a repayment plan.
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LRES names new VP of sales

Nick Grant brings wealth of industry experience to role
LRES hired Nick Grant as vice president of sales, where he is responsible for managing LRES’ sales and business development operations, building customer relationships and growing new relationships with mortgage lenders and servicers.
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Trending Thursday: Is the job description “financial press” or “palace guard?”

From the Fed to FannieGate, plus the impact of banking regulations and more
A lot of people are suggesting that many of the mainstays in the financial press aren’t asking the right questions in coverage — from the Fed to FannieGate. Truth, or trolls? Plus credit conditions and the impact of regulations on mortgage banking. Read on, brave soul.
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Servicer focus on mortgage delinquencies severely impacts current borrowers

J.D. Power survey shows current borrowers often feel ignored
Despite the percentage of loans in delinquency dropping to less than 5% of all loans in June, mortgage servicers are still paying an inordinate amount of attention to delinquent borrowers, severely impacting the servicers’ overall customer experience, a new report shows. Here's what servicers can do to fix it.
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