Items Tagged with 'default borrowers'

ARTICLES

  • Mortgage default rate falls to near record low in May

    Hits second lowest since July 2004
    Borrowers are going into default on their first mortgages less often than at nearly any point in the last 13 years, a new report from the S&P Dow Jones Indices and Experian showed. The default rate in May was just one basis point above May 2016’s level of 0.63%, which was the lowest that figure had been since July 2004.
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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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