Items Tagged with 'CDBO'

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  • 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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  • 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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  • Ocwen returns to profitability for first time since Q2 2015

    Sets aside additional $10 million for settlement with California
    Earlier this year, when Ocwen Financial reported a net loss for the second quarter, marking its fourth straight quarter of taking a loss, the company’s executives said that despite the “legacy” issues Ocwen faced, they believed the company was on a path back to profitability. What they didn’t say is just how long it would take the nonbank to get back into the black. As it turns out, it only took one quarter.
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  • SEC filing details Ocwen's efforts to rid itself of California mortgage servicing restrictions

    With monitor costs mounting, Ocwen moves to settle
    Ocwen Financial revealed Wednesday that it is attempting to rid itself of the business restrictions placed upon it by the California Department of Business Oversight, but a Thursday filing with the Securities and Exchange Commission details just how those negotiations are going and why Ocwen is trying to buy its way out of the settlement.
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  • Is there a light at the end of the tunnel for Ocwen?

    Company takes loss in 2nd quarter as it tries to move past "legacy" issues
    True to its own predictions from earlier in the year, Ocwen Financial posted another loss in the second quarter, putting it on track to post a loss in 2016. But is there finally a light at the end of the tunnel for the nonbank?
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