Items Tagged with 'Residential Credit Solutions Inc.'

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  • Walter Investment's Ditech buys part of Residential Credit Solutions

    RCS closing Ft. Worth facility, laying off 134 employees
    In another signal that the default mortgage business is shrinking, Walter Investment Management Corp. announced Friday that it acquired "certain assets" of Residential Credit Solutions. While a "number of core operational employees" are being transferred from RCS to Ditech, more than 130 of RCS’ employees will not be making the transition, and the company is laying off 134 employees at the end of February.
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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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  • RCS Receives Servicing Approval from Fannie Mae

    Growth continued onward Tuesday in the burgeoning third-party servicing market, with Fort Worth-based Residential Credit Solutions, Inc. announcing that it had received approval to service loans owned or guaranteed by Fannie Mae [stock FNM][/stock]. The company, backed by private equity firm Equifin Capital Partners and Och-Ziff Capital Management, is among a growing number of third-party servicers looking to establish market share in the so-called "high touch" servicing segment.
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