Servicing

First mortgage default rates were on the decline, but second mortgage defaults took an uptick, according to the latest S&P/Experian Consumer Credit Default Indices report
First mortgage default rates were on the decline, but second mortgage defaults took an uptick, according to the latest S&P/Experian Consumer Credit Default Indices report.   The index level for first mortgage defaults dropped from 0.69 percent in April to 0.64 percent in May. However, the level... Keep Reading....
The Consumer Financial Protection Bureau (CFPB) has levied a $1.75 million civil penalty against Coppell, Texas-based Nationstar Mortgage LLC
The Consumer Financial Protection Bureau (CFPB) has released a special edition supervision report focused specifically on mortgage servicers, finding that some mortgage servicers continue to use failed technology that has already harmed consumers, thus putting the company in violation of the CFPB’s... more
There was good news and not-so-great news in this morning’s residential market data reports. First, the good news: the U.S. foreclosure inventory declined in April by 23.4 percent and completed foreclosures declined by 15.8 percent in comparison to April 2015, according to CoreLogic. On a year-over... more
The Office of the Comptroller of the Currency (OCC) has announced the conclusion of its mortgage servicing-related order against Wells Fargo Bank
The Office of the Comptroller of the Currency (OCC) has announced the conclusion of its mortgage servicing-related order against Wells Fargo Bank and charged the San Francisco-based lender with a $70 million civil money penalty for previous violations of the order. The OCC’s originally issued its... more
The Department of the Treasury has announced the final allocation from the Hardest Hit Fund, with $1 billion being presented to housing finance agencies in 13 states. “Today’s announcement continues Treasury’s commitment to provide relief to struggling homeowners and help stabilize neighborhoods in... more