Settlement

Bureau of Consumer Financial Protection Hits Wells Fargo With $1 Billion Fine
The newly branded “Bureau of Consumer Financial Protection,” formerly known as the “Consumer Financial Protection Bureau,” has announced a settlement with Wells Fargo Bank
The newly branded “Bureau of Consumer Financial Protection,” formerly known as the “Consumer Financial Protection Bureau,” has announced a settlement with Wells Fargo Bank, assessing a $1 billion penalty against the bank. The Bureau’s action is a coordinated action with the Office of the... Keep Reading....
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Ocwen Financial Corporation has announced that in 2017, the company helped approximately 45,650 families avoid foreclosure and remain in their homes
 The New York Department of Financial Services (DFS) has fined PHH Mortgage Corp. $119,000 for failing to maintain a so-called “zombie” property under the Department’s Vacant and Abandoned Property Law.   The DFS claimed that PHH failed to maintain the residential property in New Lebanon, N.Y., for... more
A total of 207,088 single-family homes and condos were flipped in 2017, up one percent from the 204,167 home flips in 2016
Home flippers are not seeing the big bucks they had hoped for, according to ATTOM Data Solutions’ latest Home Flipping Report. During the third quarter, single-family homes and condos that were flipped yielded an average gross flipping profit of $66,448 per flip, or an average 47.7 percent return... more
Default rates on first and second mortgages were up in October, according to the latest S&P/Experian Consumer Credit Default Indices report
 Default rates on first and second mortgages were up in October, according to the latest S&P/Experian Consumer Credit Default Indices report.   The first mortgage default rate was 0.67 percent last month, up one basis point from September but below the 0.70 percent rate from one year earlier.... more
Mortgage servicers are increasingly working to make real estate-owned (REO) assets a more appealing and viable option for consumers
 Mortgage servicers are increasingly working to make real estate-owned (REO) assets a more appealing and viable option for consumers, according to the inaugural Default Servicing Survey released by Altisource Portfolio Solutions.   Eighty-two percent of the 200 mortgage default servicing... more

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