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National Mortgage Settlement Totals Around $51.33 Billion In Consumer Relief

Money falling on a house

Joseph A. Smith, Jr., Monitor of the National Mortgage Settlement, has received an update on the consumer relief activities the five banks that are parties to the Settlement reported through June 30, 2013. The banks sent these reports to each state that is party to the Settlement, with copies to the Monitor and the Monitoring Committee. According to this data, 643,726 borrowers have benefited from some type of consumer relief totaling $51.33 billion, which, on average, represents about $79,742 per borrower.Click to continue

New York AG to Seek Legal Action Against Wells and BofA for Violating Servicing Settlement

Black Gavel Pic/Credit: Brand X Pictures

New York Attorney General Eric T. Schneiderman has announced his intention to sue Bank of America and Wells Fargo for repeatedly violating the terms of the National Mortgage Settlement. Signed in 2012, the Settlement required the five largest mortgage servicing banks in the United States to improve their customer service practices by complying with new mortgage servicing rules, known as the Servicing Standards. Among these are four standards dictating the timeline for banks to process mortgage modification applications.Click to continue

Oklahoma Issues First Payouts to Victims in Nationwide Servicing Settlement


Oklahoma Attorney General Scott Pruitt has issued the first mortgage compensation checks in the nation to Oklahoma families who were victims of unfair and deceptive practices by five national servicers following the financial crisis. Oklahoma was the only state to craft its own agreement with Bank of America, Citigroup, JP Morgan Chase, GMAC and Wells Fargo, which allowed the Attorney General’s Office to provide compensation up to 20 times more than the payments residents in other states are expected to receive under the federal settlement. More than 700 Oklahomans applied fClick to continue

Kinecta Federal Credit Union Bolsters Its Mortgage Lending Ops


Kinecta Federal Credit Union has announced the expansion of its management team for mortgage lending operations as a part of its strategy for continued growth within its mortgage division. Mike McCarthy has been promoted to first vice president, retail mortgage origination and operations. Previously director of retail loan production, he will now also direct all loan production from the El Segundo, Calif. and Chicago centers. Before joining Kinecta in 2011, McCarthy held executive management positions with Countrywide Financial, and GMAC.Click to continue

Missouri AG to Use $38 Million From Servicing Settlement to Ease Budget Concerns

House Money Pic

Missouri Attorney General Chris Koster has announced that he has deposited $38 million into Missouri’s general revenue fund resulting from his efforts to conclude Missouri’s portion of the national mortgage settlement. The national mortgage settlement, which was announced in February, addresses allegations of foreclosure abuses, unfair mortgage servicing practices and fraud by the nation’s five largest mortgage servicers: Bank of America, CitigroClick to continue

Illinois Attorney General to Dedicate $3 Million From Servicing Settlement to Foreclosure Mediation

House Atop Money/Credit: Creatas

Illinois Attorney General Lisa Madigan has announced that up to $3 million in funding from the national foreclosure settlement reached earlier this year will be used to fund new mortgage foreclosure mediation programs in Illinois counties where such programs currently do not exist. The funding stems from Madigan’s role in securing a $25 billion national settlement in February with the nation’s five largest bank mortgage servicers—Bank of America,Click to continue

Ron Bricker Joins ICBA Mortgage Solutions as Northeast Regional Account Manager


ICBA Mortgage Solutions (ICBAMS) has named Ron Bricker as Northeast regional account manager. In this position, Bricker will manage sales efforts and ongoing relationships with community banks in the Northeastern U.S. Bricker brings nearly 25 years of experience in the mortgage banking industry to the position. Most recently, he was regional underwriting manager of GMAC’s correspondent division. Previously, he was an account manager with Mortgage Guaranty Insurance Corporation (MGIC), focusing on community lenders in Pennsylvania, Delaware and Maryland.Click to continue

HOPE NOW Reaches Out to 1,000 Midwest Families With Mortgage Assistance


HOPE NOW, and its partners, hosted events recently in Chicago and Indianapolis, where nearly 1,000 families received face-to-face mortgage assistance from mortgage servicers, non-profit housing counselors and others. The two events were co-sponsored by the Obama Administration’s Making Home Affordable Program and NeighborWorks America. Approximately 650 families attended in Chicago on April 23rd and about 350 were in Indianapolis on April 25th seeking mortgage help.Click to continue

Blueberry Systems Adds Kevin Grey and Sara Shappell to Its Ranks


Blueberry Systems LLC has announced the additions of Kevin Grey as its new lead implementation specialist and Sara Shappell as its lead sales support specialist, adding a combined 24 years of mortgage and banking experience to the company. With 14 years of experience, Grey previously served as a principal consultant with Mortgage Cadence, where he provided professional consulting services to mortgage industry clients and established the company’s first wealth management client and channel of business.Click to continue

Churchill Mortgage Adds New Tennessee Location


Churchill Mortgage has announced its expansion into Sumner County, Tenn. to better serve the local communities. Churchill Mortgage is a leader in the mortgage industry providing conventional, FHA, VA and USDA residential mortgages across 23 states. Joanie Neal, senior loan officer, will lead efforts in Sumner County, bringing more than 15 years of mortgage and banking experience from GMAC, Bank of America and Wells Fargo.Click to continue