Items Tagged with 'mortgage servicing'

ARTICLES

  • 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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  • 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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