Ditech Financial will pay $1.4 million to the state of Massachusetts to settle charges that the company engaged in “abusive debt collection practices” by excessively calling borrowers to collect payment as well as not property notifying some borrowers of their mortgage information, the state’s attorney general announced recently.
Because it's stressful enough to have a child critically ill in the hospital, radius financial group is supporting the MBA Opens Doors foundation to help parents with mortgage payments while caring for their children.
HSBC will pay a fine of $4 million as part of a settlement with the state of Massachusetts over charges that the bank took commissions and kickbacks for force-placed insurance policies. According to the office of Massachusetts Attorney General Maura Healey, HSBC received "compensation" in connection to the force-placed insurance premiums charged to HSBC’s borrowers.
Massachusetts-based Sage Bank will pay nearly $1.2 million to settle charges brought against the bank by the Department of Justice, which accused the Sage Bank of "engaging in a pattern or practice of discrimination on the basis of race and national origin in the pricing of its residential mortgage loans."
A Massachusetts real estate attorney pleaded guilty last week to charges stemming from a wide-ranging scheme to defraud banks and mortgage companies as part of a conspiracy involving numerous sham short sales. In some cases, the purported third-party buyers were actually the spouses, parents or children of the purported sellers.
Realtors and real estate agents who choose to affiliate with a real estate brokerage will continue to be allowed to designate their own employment status after the Massachusetts State Supreme Court upheld a lower court’s ruling.
While other state and federal regulatory bodies overlap in their regulation of the mortgage industry, the very particular consumer focus of the CFPB is not duplicated by any other body. Will deregulation mean a return to the Wild West lending atmosphere that led to the financial crisis? What happens next? We asked John Socknat, partner at Ballard Spahr, to weigh in on what mortgage lenders and servicers can expect from a Trump administration.
Amid the potential new direction from the White House, Congress and regulators, leadership in our industry is more important than ever. Which is why HousingWire is proud to present the 40 winners of our 2016 Vanguard award. These leaders from all segments of the mortgage ecosphere demonstrate that our industry is more than capable of meeting the challenges that lie ahead.
The marketplace is full of hard and private money lenders — it will come down to who can best assist investors in completing their goals, whether that be by providing quicker close times, or with more accurate valuations. With how many options there are for borrowers, lenders will need to start competing for marketshare as borrowers shop their situations to multiple lenders, leveraging the offers against each other. This process will force lenders to update their guidelines, or be forced out of the market.