Servicing

Servicing
Performing and non-performing loan servicing, subservicing and the vendors that support loan servicers. Property preservation and REO activity as well.

ARTICLES

  • Ginnie Mae issues new rules for servicers and issuers

    New rules designed to provide more security to MBS market
    Aiming to provide more stability and integrity to the mortgage-backed securities market, Ginnie Mae on Friday released a number of new rules for mortgage servicers and issues of Ginnie Mae securities. Click through for the full details.
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  • Wells Fargo eliminating 900 mortgage jobs

    Cutting approximately 1,000 positions overall
    A few months ago, Wells Fargo revealed that it is planning to cut as many as 26,500 of its employees over the next few years as the bank works to reorganize itself amid the shifting landscape surrounding the financial services industry. And now, the first of those cuts are hitting home, right in the mortgage division.
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  • Housing industry pushes Senate to confirm Kathy Kraninger as next CFPB director

    NAR, MBA, NAHB, NMHC, others throw support behind Trump nominee
    Under Mick Mulvaney, the CFPB (or BCFP, depending on who you ask) has taken a much gentler approach toward the financial services industry. That tactic is likely to continue if the Trump administration’s choice as a permanent director, Kathy Kraninger, is ever confirmed by the Senate. And that’s just what the housing industry is now loudly calling for.
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  • Take the 800 # customer service challenge

    How fast does your subservicer pick up their phone lines and represent your company?
    Go on. Call your subservicer. Are they answering in 60 seconds or less? Or, did they leave you on hold for 10, 20, or even 45 minutes? If your wait time felt like forever, guess what? That’s the exact same type of infuriating situation that you’re putting your customers through.
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  • It’s official: Mr. Cooper to acquire Pacific Union Financial

    Plans expansion into wholesale, correspondent lending
    In conjunction with its earnings release on Thursday morning, Mr. Cooper Group announced it would acquire mortgage company Pacific Union Financial. The company announced the acquisition will increase its servicing holdings by about $25 billion, and its originations by $10 billion annually.
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  • How the mighty have fallen: Ditech booted from the New York Stock Exchange

    Troubles persist for once-bankrupt nonbank
    When we last checked in on Ditech Holding Corp., the nonbank formerly known as Walter Investment Management, things weren’t going too well. And it sounds like things haven’t gotten much better for the company over the last few months. Ditech notified investors this week that the company is being kicked off of the NYSE due to the company’s incredibly low share price and market cap.
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  • More of the same: Third quarter brings another loss for Ocwen

    Nonbank reports loss of $41.1 million in Q3
    Put simply, it was the same song, different verse for Ocwen Financial in the third quarter. Another quarter, another loss. Ocwen reported Tuesday that it posted a net loss of $41.1 million in the third quarter, a significant drop over last year, when the company lost $6.1 million in the same time period.
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  • Wells Fargo reveals software error led to hundreds of faulty foreclosures

    Internal review shows more modifications were improperly denied due to software error
    Earlier this year, Wells Fargo revealed that a software error in its mortgage underwriting system led to hundreds of unnecessary foreclosures, but now it appears the problem is even bigger than the troubled bank first thought. Wells Fargo revealed Tuesday that the problem actually affected hundreds of additional borrowers.
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  • Former owner of foreclosure rescue business gets 14 years for stealing borrowers' homes, equity

    Company offered "Keep Your Home" program that targeted struggling homeowners
    The former owner of a California foreclosure rescue business will spend the next 14 years in prison after admitting in court that he used the business to steal struggling borrowers’ homes during the housing crisis. The company offered a “Keep Your Home” program that targeted borrowers who were struggling with their mortgages and facing foreclosure. But the program was a lie.
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  • Florida law firm accused of preying on Hispanic homeowners in foreclosure rescue scam

    DOJ accuses Advocate Law Groups of Florida of running predatory loan scheme
    The Department of Justice this week filed a lawsuit against Advocate Law Groups of Florida, Jon Lindeman, and Ephigenia Lindeman, accusing the firm and the Lindeman’s of violating the Fair Housing Act by “intentionally discriminating against Hispanic homeowners by targeting them with a predatory mortgage loan modification and foreclosure rescue services scheme.”
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