Subscribe to the print edition of National Mortgage Professional MagazineSubscribe to our RSS feedFollow us on TwitterGet daily updates via emailJoin us on Facebook

Litton Loan Servicing LP

Goldman Sachs and Morgan Stanley Reach Agreement With Federal Reserve on Servicing Practices

Handshake Shadow Pic

Goldman Sachs and Morgan Stanley have reached agreements in principle with the Federal Reserve Board to pay $557 million in cash payments and other assistance to help mortgage borrowers. These agreements are similar to those announced on Jan. 7, 2013, between 10 mortgage servicing companies and the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Board. Like the other institutions, Goldman Sachs and Morgan Stanley were subject to enforcement actions for deficient practices in mortgage loan servicing and foreclosure processing.Click to continue

New York State Demands Ocwen Revamp Its Servicing Practices

New_York_State_Flag

Superintendent Benjamin M. Lawsky has announced that the New York State Department of Financial Services is requiring Ocwen Financial Corporation to hire a monitor to ensure that the company complies with an agreement to reform its mortgage servicing practices. The action was taken after an examination by the Department found indications of Ocwen violating the agreement. The monitor will be in place for two years. Ocwen is one of the largest mortgage servicers and has been growing rapidly, servicing more than 764,000 residential mortgages nationally as of August.Click to continue

Ocwen Purchases Saxon in $59.3 Million Deal

Handshake Building Pic

Morgan Stanley has announced the sale of Saxon Mortgage Services Inc., a provider of servicing and subservicing of residential mortgage loans, to Ocwen Financial Corporation for the base purchase price of $59.3 million, plus an estimated $1.4 billion for servicing advance receivables outstanding.Click to continue

NY Regulators Okay Goldman's Sale of Litton to Ocwen With Anti-Robo-Signing Measures in Place

Robo_Signer_Pic

New York State Superintendent of Financial Services Benjamin M. Lawsky has announced that New York’s Department of Financial Services and the New York State Banking Department have entered into an agreement with Goldman Sachs Bank, Ocwen Financial Corporation and Litton Loan Servicing LP to adhere to landmark new Mortgage Servicing Practices. The agreement was required by the Superintendent as a condition to allowing Ocwen’s acquisition of Goldman Sachs’ mortgage servicing subsidiary, Litton.Click to continue

Suit Filed in California Against Chase for Misleading HAMP Mortgagors

Court/Credit: Comstock

Keller Rohrback LLP has announced that a class action lawsuit has been filed in the United States District Court for the Southern District of California on behalf of all mortgagors in the State of California whose home mortgage loans are serviced by Chase Home Finance LLC or JPMorgan Chase Bank and who (a) have attempted to obtain permanent loan modifications from Chase through the Home Affordable Modification Program (HAMP) or similar loan modification programs; and (b) have made payments pursuant to a HAMP Trial Period Plan (TPP) or any other similar temporary modification agreement offerClick to continue

Class Action Complaint Filed Against EMC Mortgage and Bear Stearns for Loan Mod Breach

Courthouse/Credit: Photodisc

Keller Rohrback LLP has announced that a class action has been filed in the United States District Court for the Eastern District of Washington on behalf of all mortgagors in the State of Washington whose home mortgage loans are serviced by EMC Mortgage Corporation and who (a) have attempted to obtain loan modifications of their loan terms from EMC; and (b) have made payments pursuant to a "Repayment Agreement," a Home Affordable Modification Program (HAMP) trial modification plan, or any other temporary modification plan.Click to continue