Items Tagged with 'Servicers'

ARTICLES

California loss-mitigation bill creates more problems than it solves

Here are 8 unclear and dangerous provisions of bill
California continues its effort to pass a law that would require loan servicers to work with successors to borrowers on loss mitigation options. Unfortunately, SB 1150, while well intended, has the potential to create more problems than it solves. Here are just some of the unclear and dangerous provisions of bill.
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It’s official: Original NMS servicers pass final metric tests

BofA, Chase, Citi, Wells Fargo, Ditech now done
The original servicers of the National Mortgage Settlement finished the final metric tests, marking the completion of the NMS rules for the servicers. After lot of tests and oversight, these five banks undertook more than 630,000 transactions and provided borrowers with more than $50 billion in consumer relief.
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Are servicers finally off the CFPB’s hit list?

Bureau offering more carrot, less stick
For quite some time now, it appeared that the Consumer Financial Protection Bureau was out to get the servicing industry. However, a quick perusal of the new supervisory report from the CFPB might be a sign that servicers are no longer at the top of the bureau’s hit list. Can servicers finally breathe a sigh of relief?
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Ocwen failed four metrics in the second half of 2014

Not out of the crosshairs yet
Ocwen Financial isn't out of the crosshairs just yet. The servicer failed four metrics in the second half of 2014, according to a new report filed by Joseph Smith, monitor of the National Mortgage Settlement, with the United States District Court for the District of Columbia. Here’s where it fell short.
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Where are the non-bank servicers?

Non-bank servicers should follow Ocwen's example
While the economic recovery is well underway in many parts of America, not all local markets are participating. Many communities that were hard hit by the housing and economic crisis, particularly in the Midwest and Southeast, are being left behind.
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FHFA announces new financial rules for nonbanks

Proposed rules include capital reserve requirement
If the Federal Housing Finance Agency has its way, nonbanks that do business with Fannie Mae and Freddie Mac will have to meet capital and liquidity requirements. The FHFA said its latest initiative provides greater transparency, clarity and consistency to sellers and servicers.
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From HW Magazine

Taking the foot off the accelerator

A look at what lies ahead for MSR transfers in 2015
Mortgage servicing rights will get bought and sold in 2015, but the volume won't reach the go-go days of 2012 or 2013, and the portfolios put out to market are expected to be smaller.
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From HW Magazine

What’s next in field services?

Technology and ramped-up maintenance services top the list
Regulation and compliance — these words have been at the forefront of the mortgage industry in the past year or so. As we prepare to enter 2015, focusing on compliance and new and constantly changing regulations will remain the industry’s focus.
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