Articles Tagged with ''mortgage servicing''

Big changes at CIT: Exits reverse mortgage and servicing businesses

Completes sale of Financial Freedom
CIT Group, the parent company of CIT Bank, OneWest Bank, and Financial Freedom, announced Tuesday that it completed the previously announced sale of reverse mortgage company Financial Freedom to an unknown buyer. But that wasn’t the only piece of news that CIT dropped on Tuesday.
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SunTrust back in compliance with National Mortgage Settlement servicing rules

Remedies failure of one metric
SunTrust is back in compliance with all of the servicing requirements of the National Mortgage Settlement, the settlement’s monitor said in a report published early Tuesday. Joseph Smith, the monitor of the National Mortgage Settlement, said in the report that SunTrust did not fail any compliance metrics that his team tested during the second half of 2017.
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Citizens Bank buying Franklin American Mortgage for $511 million

Citizens claims deal will push bank into nation’s top 15 mortgage companies
Citizens Bank is about to significantly grow its mortgage business, announcing Thursday that it reached a deal to acquire Franklin American Mortgage Company in a $511 million deal. Citizens said that the deal will triple the size of its off-balance sheet mortgage servicing portfolio and more than double its mortgage origination platform.
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Ocwen reaches settlement with Massachusetts mortgage regulator, but state lawsuit remains

Reaches final administrative settlement with raft of state regulators
Ocwen Financial’s troubles with state regulators are nearly over, for now, at least. The nonbank disclosed Fridaythat it reached a settlement with the Massachusetts Office of Consumer Affairs & Business Regulation’s Division of Banks, which took regulatory action against the company last year along with more than 30 other states over alleged escrow and other mortgage servicing issues.
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Here's how Mr. Cooper decreased homeowner concerns by 24%

Makes other subservicers look absolutely stone age
The large nonbank mortgage lender and servicer, Mr. Cooper, is used to onboarding huge portfolios of loans. By its own admission, such a process can be confusing and stressful. So with that in mind, the Mr. Cooper team developed what they call the “Red Carpet Initiative.” Here's how it works.
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CFPB giving servicers “more latitude” in dealing with borrowers in bankruptcy

Issues final rule on communication with certain borrowers
Mortgage servicers are about to have “more latitude” when it comes to dealing with borrowers entering or exiting bankruptcy, the Consumer Financial Protection Bureau announced Thursday. The CFPB announced a final rule relating to certain borrowers facing bankruptcy. The rule was initially released by the CFPB back in October, but now the bureau is finalizing the rule.
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BOK Financial Mortgage appoints Lee Wardlow director of loan servicing

Joins from Bank of America
BOK Financial Mortgage, a division of BOK Financial, recently announced the hiring of Lee Wardlow to lead its mortgage servicing business. Wardlow will serve as director of loan servicing for BOK Financial Mortgage, which boasts a servicing portfolio of approximately $23.1 billion spread across 144,000 customers in the U.S.
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Ocwen loses more than $100 million for 4th straight year

2017 loss of $128.5 million is $70.9 million improvement over 2016
Just as the company predicted one year ago, Ocwen Financial suffered another year deep in the red in 2017, posting its fourth straight yearly loss of more than $100 million. But, at least Ocwen’s net losses are trending in the right direction.
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Ocwen settles with Maryland, but settlement carries stiffer penalties than previous states

Fined $500,000, must provide $273,500 to borrowers, and more
In the last several months, Ocwen reached settlements with nearly every one of the 31 states that took regulatory actions against the nonbank last year over alleged escrow and other mortgage servicing issues. Ocwen continued that settlement streak this week, reaching a settlement with Maryland, but while many of the previous settlements carried similar terms, the Maryland settlement goes even further and carries stiffer penalties.
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