Servicing

The Consumer Financial Protection Bureau (CFPB) has filed a lawsuit against Ocwen Financial Corp. and its subsidiaries, accusing the company of “failing borrowers at every stage of the mortgage servicing process.” The CFPB noted that the Florida Attorney General and “many state financial regulators... Keep Reading....
Bank of America has conditionally fulfilled 97 percent of its obligation to provide $7 billion worth of consumer relief under its August 2014 settlement with the U.S. Department of Justice (DOJ) and six states
Bank of America has conditionally fulfilled 97 percent of its obligation to provide $7 billion worth of consumer relief under its August 2014 settlement with the U.S. Department of Justice (DOJ) and six states, Eric D. Green, independent Monitor of the agreement, has reported. Professor Green, in... more
The first quarter of this year saw mortgage servicers arranging 319,000 non-foreclosure solutions for distressed homeowners
Citibank scored a legal victory with an appeals court ruling that debtors that surrendered property under the Bankruptcy Code did not have the right to oppose the bank’s foreclosure efforts. According to a Bloomberg report, the Citibank case involved David and Donna Failla, who defaulted on their... more
The Mortgage Bankers Association (MBA) has presented Richard Juergens, Master CMB, with its E. Michael Rosser, CMB, MBA Education Lifetime Achievement Award
The Mortgage Bankers Association has launched One Mod: Principles for Post-HAMP Loan Modifications, which is a proposed successor program to the Home Affordable Modification Program (HAMP). One Mod draws upon the experiences of lenders familiar with HAMP to formulate universal principles that... more
The Office of Mortgage Settlement Oversight has stated JPMorgan Chase satisfied its consumer relief obligations, providing more than $4 billion well ahead of its deadline of Dec. 31, 2017
The Office of Mortgage Settlement Oversight has stated JPMorgan Chase satisfied its consumer relief obligations, providing more than $4 billion well ahead of its deadline of Dec. 31, 2017.  “Chase has satisfied its consumer relief obligation,” said Joseph A. Smith, Jr., the settlement monitor. “The... more