Servicing

Servicing

ARTICLES

Bank of America to consolidate North Texas mortgage operations

Closing down former Countrywide location in Ft. Worth
Another one of the vestiges of Countrywide's past is about to disappear, as Bank of America is set to close and sell a facility in Ft. Worth, Texas that once housed as many as 3,000 Countrywide employees. But the move will not lead to any job cuts, according a report from the Dallas Morning News.
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Goldman Sachs subsidiary just bought more non-performing loans from Fannie Mae

Fannie also announces sale of smaller NPL pool to non-profit
For the third time in 2016, MTGLQ Investors, L.P., a "significant subsidiary" of Goldman Sachs is the winning bidder for a pool of non-performing loans from Fannie Mae. With this latest NPL purchase, MTGLQ Investors officially purchased more than $2.2 billion in non-performing loans from Fannie Mae this year.
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HSBC plans $420M suit against Merrill Lynch, Bank of America for toxic Countrywide loans

HSBC claims Merrill Lynch, BofA knew loans were bad, securitized them anyway
HSBC Bank notified a New York state court this week that it plans to file a $420 million lawsuit against Merrill Lynch and Bank of America, claiming that both Merrill Lynch and Bank of America knew a series of Countrywide mortgage loans were toxic and allowed the loans to be securitized nonetheless. Here are all the details.
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Chase almost done with RMBS settlement's consumer relief requirement

Officially fulfills $3.9B of $4B requirement
Joseph Smith, monitor of the Chase RMBS Settlement, officially credited Chase with providing $3,887,777,119 of consumer relief to 165,191 borrowers. This brings the bank extremely close to its required $4 billion in credited consumer relief by Dec. 31, 2017. Here's a quick snapshot of the bank's progress so far.
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New York to provide $100 million in zero-interest loans to prevent foreclosures

Using Goldman Sachs fine to fund expansion of Mortgage Assistance Program
Homeowners in the state of New York who are struggling to keep their homes from falling into foreclosure are about to get a lifeline – $100 million in zero-interest loans from the state of New York. It's all thanks to Goldman Sachs and its $5 billion toxic mortgage settlement.
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Here are the top 5 reasons some homeowners are still underwater [Infographic]

RealtyTrac analysis reveals commonalities among underwater homeowners
As the housing market improved and prices rose over the last few years, the number of borrowers that owe more on their home than it's worth fell dramatically, as RealtyTrac notes that 12% of homes with a mortgage are still underwater. But with nationwide home prices rising 47% since bottoming out in February 2012, why are there still so many underwater borrowers? Here are the top five reasons.
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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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Ocwen cleared of wrongdoing in multibillion dollar mortgage bond fight

Faced allegations of negligence from bond investors, including BlackRock, Pimco
Early in 2015, a group of mortgage bond investors that reportedly included BlackRock, MetLife, and Pimco accused Ocwen Financial of violating its duties as a mortgage servicer by failing to properly collect payments on $82 billion of home loans, thereby costing the investors $26 billion. Now, after a yearlong independent investigation found no evidence of the litany of allegations made by the investors, Ocwen is off the hook.
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Black Knight: Foreclosure starts hit 10-year low

Down nearly 20% from March to April
There were fewer foreclosure proceedings initiated during the month of April than in any month in the last 10 years, a new report from Black Knight Financial Services shows. Plus the number of loans in active foreclosure fell to a level not seen since 2007. Here are all the details.
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