Articles Tagged with ''mortgage servicing''

Ocwen completes $360 million acquisition of PHH, Glen Messina takes over as CEO

Former PHH CEO assumes leadership of newly combined company
PHH Corp. is now officially part of Ocwen Financial, as Ocwen’s $360 million acquisition of PHH is now complete, the companies announced Thursday morning. But those aren’t the only big changes for Ocwen and PHH. In conjunction with the deal’s closing, former PHH CEO Glen Messina has officially taken over as president and CEO of Ocwen.
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The National Mortgage Settlement is officially over

Monitor’s office to shut down by end of 2018
One of the vestiges of the financial crisis is now officially in the past. The National Mortgage Settlement, the epic, massive mortgage servicing settlement between the federal government, 49 states (all excluding Oklahoma), and five of the nation’s biggest banks and mortgage servicers, is now done and complete. RIP.
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FHA pushing to provide foreclosure relief to Puerto Rico, Virgin Islands hurricane victims

Extends foreclosure moratorium deadline one last time
The foreclosure moratorium for 2017 hurricane victims in Puerto Rico and the U.S. Virgin Islands whose mortgages are guaranteed by the Federal Housing Administration was due to end this week, but the FHA announced Thursday that it is extending the foreclosure freeze again – for the last time. But that’s not all.
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Trump administration calls for sweeping changes to financial ecosystem

“Regulatory sandboxes,” eMortgages, online notarization, automated appraisals, more
The Trump administration on Tuesday called for a series of changes to the country’s financial and mortgage ecosystems that, if enacted, would supercharge the financial industry’s technological revolution, upend the current regulatory environment, and potentially change the face of mortgage lending.
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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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