Items Tagged with 'National Mortgage Settlement Monitor'


  • The National Mortgage Settlement is officially over

    Monitor’s office to shut down by end of 2018
    One of the vestiges of the financial crisis is now officially in the past. The National Mortgage Settlement, the epic, massive mortgage servicing settlement between the federal government, 49 states (all excluding Oklahoma), and five of the nation’s biggest banks and mortgage servicers, is now done and complete. RIP.
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  • 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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  • 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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  • Warren calls for GAO investigation of nonbank servicers

    Asks GAO to review “unprecedented” growth of nonbank servicers
    Sen. Elizabeth Warren, along with Congressman Elijah Cummings, sent a letter this week to the U.S. Government Accountability Office, requesting an investigation into the risks posed to consumers by the “unprecedented” growth in nonbank mortgage servicing.
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  • NMS Monitor: Is the 30-year mortgage the best product?

    Challenges attendees at ABS East to “do something better"
    "Believe it or not, and this is worth the price of your admission right here, the 30-year mortgage is not a constitutional or human right,” National Mortgage Settlement Monitor Joseph Smith told ABS East attendees. "I challenge you to do something better, to help borrowers own their houses faster."
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  • What to expect at ABS East

    Massive securitization market conference brings thousands to Miami
    “ABS East 2014 will provide comprehensive coverage on the revival and strengthening of the US securitization market, along with what our markets should look like in the future, given the importance of securitization to the real economy,” conference organizer Information Management Network said.
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  • Moody’s warns on Green Tree after servicing failures

    Performance could hamper business with GSEs
    Recent test results are putting a spotlight on Green Tree, according to analysts at Moody's Investors Service. As a result, Green Tree may find it harder to grow its business through mortgage servicing rights purchases in the short term, but the credit ratings agency said the threat to RMBS is minimal.
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  • Green Tree fails 8 servicing compliance tests

    Monitor: BofA, Chase, Citi, Ocwen, Wells Fargo pass all tests
    “After extensive testing, I can confirm that Green Tree failed eight metrics,” said Joseph Smith, monitor of the National Mortgage Settlement. “These results show that Green Tree must make significant changes to improve its practices and comply with the Settlement.”
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