Articles Tagged with ''mortgage servicing''

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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Ocwen reaches mortgage servicing settlement with Connecticut

Settlement stipulates that Ocwen will pay $500,000 fine if it doesn’t comply
Ocwen Financial is one step closer to ridding itself of the mortgage servicing restrictions placed on the nonbank last year when 31 states took regulatory actions over alleged escrow and other servicing issues. Ocwen disclosed late Thursday in a SEC filing that it reached a servicing settlement with the state of Connecticut.
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Massachusetts hits Nationstar (aka Mr. Cooper) with fine, sanctions over servicing abuses

Accused of offering borrowers “unfair and deceptive” mortgage modifications
Nationstar Mortgage, the nonbank now known as Mr. Cooper, allegedly put hundreds of borrowers in Massachusetts at a heightened risk of foreclosure by offering them “unfair and deceptive” mortgage modifications, the state’s attorney general said Tuesday. “Nationstar failed to stop foreclosures and this settlement gives homeowners in the hardest hit areas in Massachusetts a chance to stay in their homes,” Massachusetts AG Maura Healey said.
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Pennsylvania now requires nonbank servicers to be licensed to operate in state

Deadline for licensing applications is June 30, 2018
Nonbank mortgage servicers have five months to get licensed in the state of Pennsylvania if they want to keep operating in the state. The Pennsylvania Department of Banking and Securities announced this week that it will soon begin accepting licensing applications from nonbank servicers as part of the state’s move to increase oversight into mortgage servicing.
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Ocwen reaches mortgage settlements with two more states, inks new deal with New Residential

SEC filing reveals cavalcade of news about nonbank
Ocwen disclosed Friday that it reached a settlement with two more of the 31 states that took regulatory actions against the nonbank last year over alleged escrow and other servicing issues. But that wasn’t the only interesting item that Ocwen disclosed in its latest SEC filing.
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