Servicing

FTC warns lenders: Do not lie in loan refinancing ads

SoFi might not be the only one
In the wake of taking action against SoFi for allegedly lying in its ads about how much borrowers can save by refinancing their student loans with the online lender, the Federal Trade Commission is also warning other lenders to not engage in similar activity. To that end, the FTC is sending letters to an unknown number of lenders, warning them that they may be subject to a regulatory action should they be found to be engaging in false advertising.
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FTC accuses SoFi of lying about loan savings in misleading ads

Online lender allegedly overinflated savings claims on student loan refinances
For more than two years, SoFi has been making misleading claims in its television, print, and online advertisements and lying about the amount of savings its loan refinancing programs would bring to borrowers, the Federal Trade Commission said Monday. According to the FTC, SoFi “deceptively advertised inflated figures” about loan refinances, basically claiming that it could save borrowers far more than is actually the case.
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FHA takes steps to relieve balance sheet stress for reverse mortgage issuers

Relaxes documentation guidelines to streamline assignments to HUD
The Federal Housing Administration issued new guidelines Monday to ease documentation requirements for reverse mortgage issuers. With revised rules in place, the FHA aims to address the rigorous reporting requirements that were gumming up the works, adding serious stress to the balance sheets for reverse mortgage issuers.
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Servicing reverse mortgage loans in a hurricane's wake

Celink urges lenders to learn more about servicing after a natural disaster
Two weeks ago, Hurricane Michael decimated parts of the Florida panhandle, leaving thousands of homeowners – and reverse mortgage borrowers – left to deal with the destruction. Reverse mortgage loan servicer Celink urges lenders to connect their borrowers with their servicer to work through the repair process, and if you’re confused about what that is, "pick up the phone and call us!"
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Fannie Mae CEO Tim Mayopoulos: Conservatorship has been very successful

On his last day as CEO, Mayopoulos looks back and looks ahead
Despite other prominent housing figures stating earlier that morning that the GSE conservatorship is unstable and undesirable, Fannie Mae CEO Tim Mayopoulos complimented the government on its decision to bail out the companies and place them in conservatorship for 10 years. "Conservatorship has been very successful," Mayopoulos said. "What the government did worked quite well."
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Fannie Mae selling $1.88 billion in non-performing loans to Goldman Sachs subsidiary

MTGLQ Investors is back
Over the last few years, Goldman Sachs’ subsidiary MTGLQ Investors has been one of the top buyers of non-performing loans from both Fannie Mae and Freddie Mac, buying billions and billions in loans from both of the government-sponsored enterprises. And now, MTGLQ is preparing to buy another $1.88 billion in non-performing loans from Fannie Mae.
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HousingWire's Mortgage Services Guide narrows down your loan servicing search

HW lists servicers that tailor to your specific needs
HousingWire’s Mortgage Services Guide is a one-stop shop for finding the service provider your business is looking for. This monthly blog will highlight different services, service providers and insights your business needs to stay compliant and efficient. Visit HW’s Mortgage Services Guide to start your search.
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Wells Fargo is back in the mortgage securitization business

Prepares to issue first securitization since the housing crisis
Once an absolute giant in the mortgage securitization space, Wells Fargo has been noticeably absent from the list of issuers since the housing crisis, but that’s all about to change. The lender is preparing to issue its first mortgage-backed securitization since the meltdown, and unlike its past securitizations, this one is backed by the highest of high-quality loans.
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