Items Tagged with 'NYDFS'

ARTICLES

Ocwen now one giant step closer to acquiring MSRs again after new NYDFS agreement

Reaches agreement with NYDFS to remove monitor
For more than two years, Ocwen Financial has been prohibited from acquiring new mortgage servicing rights in bulk, thanks to the company’s $150 million settlement with the New York Department of Financial Services. Now, it appears that Ocwen could be on the brink of returning to the MSR market full force, after the nonbank announced Monday that it reached a new agreement with the NYDFS.
Read More

Ocwen expects another loss in 2017 thanks to NYDFS, CFPB regulatory issues

CEO: We believe we have earned the right to acquire MSRs again
Despite the California Department of Business Oversight removing the state's mortgage servicing restrictions on Ocwen Financial, the nonbank is still prohibited from acquiring mortgage servicing rights in bulk, thanks to the company’s previous settlement with the New York Department of Financial Services. And those restrictions and other "regulatory challenges" will likely lead to another yearly loss for the nonbank.
Read More

New York proposes new rules for reverse mortgages

Legislation would add protections for state’s senior citizens
In addition to unveiling new legislation that would grant the New York Department of Financial Services the authority to ban individuals from working in the financial services industry, New York Gov. Andrew Cuomo also announced on Monday a series of new laws that would add financial protections for the state’s senior citizens. Included among those proposals are new rules for reverse mortgages.
Read More

New York unveils proposal to ban "bad actors" from working in financial services

Would empower NYDFS to boot individuals
The New York of Department of Financial Services could soon have the power to ban individuals from working in the financial services industry for “egregious conduct,” New York Gov. Andrew Cuomo announced Monday. In announcing the proposal, Cuomo cited the recent fake account scandal at Wells Fargo as the kind of action that could get a person banned from working in financial services under the new rule.
Read More

PHH fined $28 million by NYDFS for "shoddy" mortgage servicing

Lender's actions echo several crisis-era practices
The New York Department of Financial Services announced Wednesday that it is fining PHH $28 million for what it calls “shoddy mortgage origination and servicing practices.” In announcing the fine, the NYDFS provided a list of the violations that PHH committed, and it reads like a laundry list of some of the same practices that gave the mortgage business a bad name before, during and after the financial crisis.
Read More

EXCLUSIVE: Caliber Home Loans sued by Chronos Solutions over nearly $3 million in unpaid bills

Caliber, Lone Star Funds accused of not paying expenses on foreclosures
The New York Department of Financial Services is already reportedly looking into how Caliber Home Loans and its parent company, Lone Star Funds, after receiving complaints from consumers about how the companies handle foreclosures. But now, the companies have another fight on their hands over their foreclosure practices, and it comes from an unlikely source – one of their own vendors.
Read More

Wells Fargo fallout: New York places restrictions on incentives for bank employees

Compensation tied to employee performance needs 'effective oversight'
At the core of the fake account scandal surrounding Wells Fargo right now is the fact that more than 5,000 of the bank’s former employees opened more than 2 million fake accounts to get sales bonuses. As the Wells Fargo situation works it way through various political and judicial machinations, the state of New York is taking measures to ensure that similar behavior, which led to a $185 million fine for Wells Fargo, doesn’t happen again.
Read More

New York announces new requirements for maintenance of zombie homes

New regulation will hold lenders and mortgage servicers "accountable"
The state of New York is taking its fight against zombies homes to the next level, as the state announced a series of new regulations for mortgage lenders and servicers that aim to hold the companies “accountable” for the maintenance of abandoned foreclosures.
Read More

NYDFS reportedly looking into Caliber Home Loans

Inquiry seeks information on handling of delinquent mortgages
The New York Department of Financial Services is reportedly looking into how Caliber Home Loans handles distressed mortgages and the lender’s origination practices for borrowers with less-than-perfect credit profiles.
Read More

New York unveils sweeping cybersecurity regulations

Banks, financial services industry will be required to amp up security
Banks, insurance companies and other financial services companies that operate within the state of New York will soon be required to significantly increase their cybersecurity programs in an effort to further protect consumers’ personal and financial information.
Read More