Items Tagged with 'National Mortgage Settlement'

ARTICLES

  • 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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  • Ocwen fined $1 million for force-placed insurance issues

    Runs afoul of National Mortgage Settlement guidelines
    Ocwen Financial will pay a fine of $1 million for running afoul of the terms of the National Mortgage Settlement by not properly refunding force-placed insurance premiums to certain borrowers during the first quarter of 2017. And because Ocwen previously failed the servicing metric in question in 2015, this most recent failure triggered a $1 million fine.
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  • SunTrust completes consumer relief requirements under national mortgage settlement

    Provides more than $500 million in consumer relief
    SunTrust fulfilled its consumer relief obligations under the National Mortgage Settlement, wrapping up the relief requirements under a settlement with the government over mortgage servicing and foreclosure abuses. Under the settlement, SunTrust was required to provide its consumer relief by Sept. 30, 2017.
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  • HSBC officially completes obligations under the National Mortgage Settlement

    That’s a wrap
    After a little more than a year, HSBC officially completed its obligations under the National Mortgage Settlement. This dates back to February 2016 when HSBC agreed to a $601 million settlement with a series of federal agencies and nearly every state over charges that the bank engaged in mortgage origination, servicing and foreclosure abuses.
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  • Katie Porter, California mortgage settlement monitor and Warren protégé, running for Congress

    Elizabeth Warren: "There's no one I trust more to take on Donald Trump"
    The coming battle for control of Congress in 2018 has a new combatant, one that would bring significant experience in the mortgage space to the House of Representatives. Katie Porter, who served as California’s independent monitor for the nationwide $25 billion National Mortgage Settlement and boasts Sen. Elizabeth Warren, D-Mass. as a mentor, announced that she is running for a seat in the House of Representatives in 2018.
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  • HSBC fulfills consumer relief obligation under National Mortgage Settlement

    Provides more than $371M in consumer relief
    After agreeing to a $601 million settlement nearly a year ago, HSBC is now officially finished with its consumer relief requirement, providing more than $371 million in consumer relief. Joseph Smith, monitor of the National Mortgage Settlement, said that this will be his final report on HSBC’s consumer relief obligation.
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  • SunTrust fails one National Mortgage Settlement test in first quarter

    Next update slated for early 2017
    SunTrust didn’t quite make the cut in the latest report from the monitor of the National Mortgage Settlement. According to the update, SunTrust failed to uphold one metric in the National Mortgage Settlement requirements during the first quarter of 2016 and the bank’s Corrective Action Plan is currently under review.
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  • ICYMI: Ocwen given OK to move forward on 17,000 foreclosures

    What happened with Metric 31?
    In case you missed it, in the most recent third and fourth quarter 2015 oversight report from Joseph Smith, monitor of the National Mortgage Settlement, Ocwen Financial got the official go-ahead to lift a foreclosure sale hold placed on more than 17,000 loans earlier this year. The story dates back to a report first released in October 2015, which was not fully corrected by the time the April 2016 report came out.
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  • Ocwen fixes previous settlement failures, faces two new failed tests

    "There is still work to be done"
    Right as Ocwen Financial fixed previous compliance failures, the servicer is hit with two new compliance failures, according to the latest oversight report on Ocwen from Joseph Smith, monitor of the National Mortgage Settlement. Although the report shows improvement for the servicer: "there is still work to be done for Ocwen to fully comply with the National Mortgage Settlement."
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