Items Tagged with 'mortgage servicing'

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CFPB unveils new mortgage servicing compliance exam targets

Mortgage servicers, here's what the CFPB is looking for now
On Wednesday, the Consumer Financial Protection Bureau laid down the law on mortgage servicers, warning them that they "cannot hide" behind subpar technology and use that as an excuse to avoid CFPB sanctions. But that's not all the CFPB is going to be looking into when it is reviewing mortgage servicers. Here is what else the CFPB is going to be looking into going forward.
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CFPB issues warning to mortgage servicers: You can't hide behind bad computer systems

Investigations found servicers' deficient technology caused harm to consumers
The Consumer Financial Protection Bureau just fired a shot across the bow of the country's mortgage servicers after it found that some servicers are using outdated computer systems that could run them afoul of CFPB rules. "Mortgage servicers can't hide behind their bad computer systems or outdated technology," said CFPB Director Richard Cordray. "There are no excuses for not following federal rules."
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This is how HousingWire will celebrate the housing industry's Insiders

New award program recognizes your company's best-kept secret
We love executives, but we want to champion the people who are invaluable to companies in a hundred other ways as well. The HW Insiders will recognize the professionals that are central to a company's success — the people everyone knows internally as a critical resource, but who aren't as visible to the industry at large.
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Ocwen lays off 120 employees as cost-cutting continues

Reduction made to 'better align resources' with current strategy
Ocwen Financial is in the midst of what it already said would be a tough year for the company. To counteract the expected losses, Ocwen said that it is undertaking several cost-cutting efforts throughout 2016. Included in those cost-cutting efforts is a reduction in the company’s staff, as HousingWire can report that Ocwen recently laid off 120 employees from various office locations throughout the U.S.
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From HW Magazine

2016 Rising Stars

50 young leaders energizing the housing economy
Many of these 50 winners are leading their companies from the C-Suite, deciding overall strategy for their organizations and staking out new territory. Others are contributing through innovation, product development, process enhancements and big data analysis.
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OCC terminates Wells Fargo's mortgage servicing restrictions

Fined $70 million civil money penalty
The OCC announced on Wednesday that it lifted the mortgage serving requirements on Wells Fargo now that it is in compliance with the requirements of the Independent Foreclosure Review. Wells Fargo is the most recent bank in a group of six to have its requirements lifted. But Wells Fargo didn’t come out of this unscathed and must pay a $70 million civil money penalty for previous violations of the order.
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Walter Investment tanks thanks to low interest rates

Posts GAAP net loss of $172.7 million in first quarter, stock plummets
The first quarter's historically low interest rates did more than just negatively impact the earnings of Freddie Mac, which reported a $354 million net loss in the first quarter. The quarter's low rates also obliterated the bottom line of Walter Investment Management Corporation.
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