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

U.S. Bank

NAPMW Celebrates Golden Anniversary in Emerald City: A Look Back at 50 Years of the NAPMW


This year marks the 50th anniversary of the National Association of Professional Mortgage Women (NAPMW). Established in 1964, NAPMW was founded by nine women with around 161 years of total mortgage experience among them. The first association meeting was held in Seattle, Wash., with the aim of further establishing and promoting women in the field of mortgage banking.Click to continue

U.S. Bank Reaches $200 Million Settlement With Government for FHA Violations

Hands Shaking Pic

U.S. Bank has agreed to pay the United States $200 million to resolve allegations that it violated the False Claims Act by knowingly originating and underwriting mortgage loans insured by the Federal Housing Administration (FHA) that did not meet applicable requirements, the Justice Department announced.Click to continue

Nationstar Faces $35 Million Home Auction Suit


Lewisville, Texas-based Nationstar Mortgage has had a rough 2013. Back in March, the mortgage servicer was accused of harming investors by auctioning off securities.Click to continue

CFPB Targets Other Non-Mortgage Firms for Deceptive Marketing


The Consumer Financial Protection Bureau (CFPB) has ordered U.S. Bank and one of its non-bank partner companies, Dealers’ Financial Services (DFS), to end deceptive marketing and lending practices targeting active-duty military. The two companies must return about $6.5 million to servicemembers for failing to properly disclose all the fees charged to participants in the companies’ Military Installment Loans and Educational Services (MILES) auto loans program, and for misrepresenting the true cost and coverage of add-on products financed along with the auto loans.Click to continue

Check's In the Mail: Four Million-Plus Borrowers to Receive Servicing Settlement Payouts


Payments to 4.2 million borrowers are scheduled to begin on April 12 following an agreement reached by the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Board with 13 mortgage servicers. The agreement, which was reached earlier this year, provides $3.6 billion in cash payments to borrowers whose homes were in any stage of the foreclosure process in 2009 or 2010 and whose mortgages were serviced by one of the following companies, their affiliates, or subsidiaries: Aurora, Bank of America, Citibank, Goldman Sachs, HSBC, JPMorgan Chase, MetLife Bank, Morgan Click to continue

Rouvaun Walker Joins WCS Lending as Vice President of California Wholesale Division


Rouvaun Walker has been named vice president of the California Wholesale Division at WCS Lending LLC. A 20-plus-year veteran of the mortgage industry, Walker will be based out of WCS Lending’s newly-designed Concord, Calif. offices. Walker graduated from UC Berkley in 1991, with a degree in Economics and African-American Studies, and began working in the mortgage industry in 1992 as an account executive with American Residential Mortgage.Click to continue

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

Ten Servicers to Shell Out $8.5 Billion-Plus for Deficient Practices

House Cash/Copyright: Getty Images/Credit: Jupiterimages

Ten mortgage servicing companies subject to enforcement actions for deficient practices in mortgage loan servicing and foreclosure processing have reached an agreement in principle with the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Board to pay more than $8.5 billion in cash payments and other assistance to help borrowers. The sum includes $3.3 billion in direct payments to eligible borrowers and $5.2 billion in other assistance, such as loan modifications and forgiveness of deficiency judgments.Click to continue

J.D. Power and Associates Ranks Quicken Loans Highest in Customer Satisfaction for Third Consecutive Year


Overall customer satisfaction with mortgage lenders has reached its highest level in the past six years, according to the J.D. Power and Associates 2012 U.S. Primary Mortgage Origination Satisfaction Study. For a second consecutive year, overall customer satisfaction has increased to 761 (on a 1,000-point scale) in 2012 from 747 in 2011 and 734 in 2010. Quicken Loans ranked highest among primary mortgage lenders for a third consecutive year, with a score of 817, and performed well in all four factors measured in the study.Click to continue