Servicing

Servicing

ARTICLES

HSBC reaches $601M settlement over charges of 'abusive mortgage practices'

Settlement reached with DOJ, HUD, CFPB, Federal Reserve, 49 states
HSBC agreed to a $601 million settlement with a series of federal agencies and nearly every state over charges that the bank engaged in mortgage origination, servicing and foreclosure abuses. The massive settlement with HSBC was jointly announced Friday by the Department of Justice, the Department of Housing and Urban Development, the Consumer Financial Protection Bureau, 49 states and the District of Columbia.
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MortgageFlex adds Steve Shore as chief information officer

Will lead technical services team
MortgageFlex Systems, a provider of loan organization and servicing technology, announced Steve Shore is joining their technological services team as chief information officer. Shore rejoins the company after first working for MortgageFlex Systems in the early 2000s.
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Monday Morning Cup of Coffee: Fannie, Freddie crystal ball just got cloudier

Plus, is it time to buy the big banks?
There is a lot of debate surrounding the future or lack thereof of Fannie Mae and Freddie Mac, with opinions coming from the White House, Congress, trade groups, just to name a few. But predicting the future of the GSEs just got a little harder. Plus, is it time to buy the country's biggest banks? All that, and more, in your Monday Morning Cup of Coffee.
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Ocwen ties that bind? Altisource Residential adds former HLSS exec

Michael Lubin will also serve as senior vice president of AAMC
In another sign that the relationship between Ocwen Financial and its affiliated companies, Altisource Portfolio Solutions, Altisource Residential Corporation, Altisource Asset Management Corporation, and Home Loan Servicing Solutions, will always be complicated, Altisource Residential and Altisource Asset Management announced Friday that Michael Lubin is joining both companies. Lubin joins from Home Loan Servicing Solutions.
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Want some Mr. Cooper swag? Nationstar opens online store for new brand

Gotta spend money to make money
Recently, HousingWire revealed the details on Mr. Cooper, the new brand that Nationstar will be likely launching soon as part of a rebranding effort. And now, even though the new brand remains officially unconfirmed, it appeared that the general public could buy their own Mr. Cooper-branded swag, thanks to an online store that appeared last week. But now the store is private - a ghost of the internet captured only in screenshots.
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Walter Investment's Ditech buys part of Residential Credit Solutions

RCS closing Ft. Worth facility, laying off 134 employees
In another signal that the default mortgage business is shrinking, Walter Investment Management Corp. announced Friday that it acquired "certain assets" of Residential Credit Solutions. While a "number of core operational employees" are being transferred from RCS to Ditech, more than 130 of RCS’ employees will not be making the transition, and the company is laying off 134 employees at the end of February.
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Is Nevada’s HOA solution just another problem for mortgage servicers?

Exercising the new right of redemption on HOA sales
Redemption requires timely and reasonable cooperation by the purchasers, the same purchasers that the servicers have been litigating with for the last several years. As a result, exercising the right of redemption could very well lead the servicer into quiet title litigation, again. Here's what you need to do.
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