Items Tagged with 'California Department of Business Oversight'

ARTICLES

  • California warns residents of scammer pretending to be Impac Mortgage Corp.

    Using Impac CEO Joseph Tomkinson’s name
    California residents should be on the lookout for a scam involving someone contacting them and pretending to be Impac Mortgage Corp., the state’s financial regulator said recently. According to the California Department of Business Oversight, the scammer is ending unsolicited emails to residents, offering them loans.
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  • Movement Mortgage to pay $1.1 million for California mortgage servicing violations

    Accused of operating in state without a license, plus per diem violations
    Movement Mortgage overcharged more than 1,000 mortgage borrowers and operated in the state of California without a license, the California Department of Business Oversight said on Monday. The CDBO announced Monday that it reached a $1.1 million settlement with Movement Mortgage to resolve the allegations.
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  • Nationstar (aka Mr. Cooper) reaches $9.2m mortgage servicing settlement with California

    Violations stretch back to 2009
    Last month, Nationstar Mortgage, the nonbank also known as Mr. Cooper, disclosed that it was facing a regulatory issue with the California Department of Business Oversight and in the process of negotiating a settlement. At the time, the company did not disclose what issues led to the potential settlement, but on Monday, the other shoe dropped.
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  • Nationstar in talks with California, New York to settle regulatory issues

    SEC filing reveals ongoing settlement negotiations
    Earlier this year, the Consumer Financial Protection Bureau hit Nationstar Mortgage, the nonbank also known as Mr. Cooper, with a $1.75 million fine for the company’s alleged failure to comply with the reporting requirements of the Home Mortgage Disclosure Act. But it looks like that wasn’t the only regulatory issue the company is dealing with this year.
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  • Ocwen accuses California settlement monitor of fraudulent strip club, casino expenses

    Claims Fidelity Information Services engaged in 'fraudulent, abusive billing scheme'
    Fidelity Information Services perpetrated a "fraudulent and abusive billing scheme" and engaged in gross dereliction of duty in its role as the independent monitor of Ocwen Financial’s 2015 settlement with the state of California, Ocwen said in a bombshell lawsuit filed recently. Here's the full story.
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  • United Shore to pay $1.4 million for allegedly overcharging California borrowers

    CEO Mat Ishbia: We didn't benefit one penny and not one borrower was harmed
    United Shore Financial Services, the parent company of United Wholesale Mortgage, will pay $1.4 million as part of a settlement with the California Department of Business Oversight, which accused the lender of overcharging “thousands” of borrowers for interest on their mortgages. But the company's CEO says that the fine is for a long-fixed problem and that the company didn't benefit at all from the alleged overcharging.
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  • Ocwen expects another loss in 2017 thanks to NYDFS, CFPB regulatory issues

    CEO: We believe we have earned the right to acquire MSRs again
    Despite the California Department of Business Oversight removing the state's mortgage servicing restrictions on Ocwen Financial, the nonbank is still prohibited from acquiring mortgage servicing rights in bulk, thanks to the company’s previous settlement with the New York Department of Financial Services. And those restrictions and other "regulatory challenges" will likely lead to another yearly loss for the nonbank.
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  • California regulator reveals what Ocwen did wrong

    Auditor found "hundreds" of violations of law
    Ocwen Financial announced late last week that it successfully extricated itself from the mortgage servicing restrictions placed on it by the California Department of Business Oversight. The final settlement total included $198 million in debt forgiveness. So why was the settlement so big? Turns out that Ocwen’s operations weren’t exactly squeaky clean for the last few years.
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  • Ocwen reaches $223 million settlement with California over servicing violations

    Mortgage servicing restrictions lifted, can now acquire California MSRs
    Ocwen Financial announced late Friday that it reached a $223 million settlement with the California Department of Business Oversight, ridding itself of the restrictions that hampered its mortgage business in California for more than two years. The settlement includes a cash payment of $25 million. Ocwen is also required to provide an additional $198 million in debt forgiveness.
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  • PrimeLending to pay $1.6 million to settle charges of overcharging California borrowers

    Warned twice to stop overcharging for per diem interest
    PrimeLending will pay more than $1.6 million as part of a settlement with the California Department of Business Oversight, which accused the Texas-based lender of overcharging hundreds of California borrowers for interest on their mortgages. Only when the CDBO informed the company it planned to file an enforcement action and suspend the firm’s license to conduct business within the state did PrimeLending begin to comply the with state’s laws.
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