Items Tagged with 'default servicing'


  • Servicers: We've got your answers on disposition strategy

    Find out how our hosted white papers can help
    While overall U.S. foreclosures were down 20% in the second quarter compared to last year, 13% of metro areas saw an increase in foreclosures this year, including Houston, Oklahoma City, and Hartford, Connecticut — all up by double digits. If you’re a servicer, the potential for increased foreclosures could catch you flat-footed. Luckily, HousingWire has you covered.
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  • "Rocket Mod": The future of mortgage default servicing?

    How technology will change loss mitigation
    Over the last few years, technological advancements took mortgage originations from the fax machine to the smartphone — and from months of waiting to approval in minutes. Could the same thing be coming for mortgage modifications?
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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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  • Brock & Scott adds Ronald Wolfe & Associates to default services practice

    Addition expands firm’s coverage in state of Florida
    Brock & Scott, a real estate law firm with offices in Maryland, Virginia, North Carolina, South Carolina, Tennessee, Georgia and Florida, announced the expansion of its default services practice with the addition of Ron Wolfe and his team from the office of Ronald R. Wolfe & Associates.
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  • CFPB fines Residential Credit Solutions $1.5 million for illegal mortgage servicing

    Allegedly failed to honor loan modifications, drove borrowers into foreclosure
    According to the CFPB, Residential Credit Solutions failed to honor modifications for loans transferred from other servicers, treated consumers as if they were in default when they weren’t, sent consumers escrow statements falsely claiming they were due a refund, and forced consumers to waive their rights in order to get a repayment plan.
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  • Wingspan Portfolio Advisors files for bankruptcy

    Is this the end for the once-mighty special servicer?
    Citing a massive gap between its assets and liabilities, Wingspan Portfolio Advisors filed for Chapter 7 bankruptcy protection in United States Bankruptcy Court for the Eastern District of Texas. And the company's bankruptcy filing does not paint a pretty picture of Wingspan's future.
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  • Wingspan closing Florida office, laying off 150 employees

    Melbourne location once employed 400 people
    When Wingspan Portfolio Advisors purchased JPMorgan Chase’s mortgage servicing operations center in Melbourne, Florida, in February 2013, the company gave 400 Chase employees who staffed the Melbourne office the opportunity to continue their employment. Now the company plans to close the Melbourne office and lay off the remaining 150 employees.
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