The Consumer Financial Protection Bureau (CFPB) has issued a statement claiming that some mortgage servicers were in violation of federal laws “by failing to provide struggling borrowers with legal protections.”
In the Spring 2017 edition of the agency’s “Supervisory Highlights” report, the CFPB did not identify which servicers were supposedly running afoul of the law, nor did it cite the depth and scope of financial stress created by these actions. But the agency insisted that some servicers either failed to provide borrowers with information on foreclosure alternatives, prematurely launched the foreclosure process, mishandled escrow accounts and offered incorrect periodic statements. The CFPB also took student loan servicers to task for alleged problems in their business practices.
“We found that some mortgage and student loan servicers are violating the law by failing to provide protections to borrowers,” said CFPB Director Richard Cordray. “Their slipshod practices are putting borrowers at risk of financial failure and we will hold them accountable."
The 25% reduction of its workforce comes as it posts $478 million Q2 loss.
Blend Labs Inc. says it has cut 25% of its workforce since April as it struggles to improve its financial position following a $478 million loss in the second quarter.
Nima Ghamsari, co-founder and CEO of the San Francisco-based mortgage technology company, noted the reduct...
The temporary buydowns will lower borrowers’ interest rates by up to 2% for the first two years of a mortgage.
United Wholesale Mortgage (UWM), the leading wholesale and purchase lender in the U.S., today announced the launch of temporary rate buydowns.
Effective today, the Pontiac, Mich.-based company said in a news release, “the new offering will allow independent mortgage brokers...