I found the timing of this news to be extra interesting. WHY? Because the Consumer Financial Protection Bureau goes live today! Ironic isn’t it? I’m sure consumer advocates and attorneys everywhere are loving this headline (note sarcasm). T…
Loan Servicer, robo-signings, SettlementOfficials of both the Mortgage Bankers Association (MBA) and the Federal Deposit Insurance Corporation (FDIC) told Congress Thursday that resolution of the problems that have plagued the mortgage servicing industry through the housing and foreclosure c…
Loan Servicer, Loan Servicer Reform, loss mitigation, Servicer Compensation, Servicer Settlment, Servicer Total Achievement and Rewards, STAR, State AttorneysLast December the Mortgage Bankers Association (MBA) assembled a task force to examine and issue recommendations for the future of residential mortgage servicing. That group, the Council on Residential Mortgage Servicing for the 21st Centur…
Loan Servicer, Loan Servicer Reform, loss mitigation, MBA Delinquency Survey, Mortgage Bankers Association, Residential Mortgage Servicing in the 21st Century, Resolution Authority, Servicer Compensation, Servicer Settlment, Servicer Total Achievement and Rewards, STAR, State Attorneys, White PaperEvery foreclosure related report that issued during the last few months has increased certainty that the millions of delinquencies and foreclosures the country plaguing the country for the last three years are finally beginning to clear the system. The…
Delinquencies, Loan Servicer, LPS, shadow inventoryThe Federal Reserve, Office of Comptroller of the Currency (OCC), FDIC, and Office of Thrift Supervision (OTC) have issued formal enforcement actions against 14 banking and two loan servicing related organizations which they found had demonstrated a “p…
Ally Financial Inc., Aurora Bank, Bank of America Corporation, Citigroup Inc., EverBank, FDIC, Federal Reserve, FHFA, HSBC North America Holdings, Inc., Loan Servicer, Loan Servicer Reform, loss mitigation, LPS, MERS, metlife, OCC, OneWest Bank, Servicer Compensation, Servicer Settlment, Servicer Total Achievement and Rewards, Sovereign Bank, STAR, State Attorneys, SunTrust Banks, The PNC Financial Services Group, U.S. BancorpThe Mortgage Bankers Association (MBA) has what it calls “strong reservations” about the short timetable set out by the Departments of Treasury, Housing and Urban Development and the Federal Housing Finance Agency (FHFA) for revamping the fee structure…
Loan Servicer, Loan Servicer Reform, loss mitigation, Servicer Compensation, Servicer Settlment, Servicer Total Achievement and Rewards, STAR, State AttorneysThis column originally appeared in the April 2011 issue of Asset Securitization Report (www.sourcemedia.com).The outcome of the negotiations between servicers, the group of state Attorneys General and the fledgling Consumer Financial Protection Bureau …
Berliner, Loan Servicer, loss mitigation, Servicer Settlment, Servicer Total Achievement and Rewards, STAR, State AttorneysEffective April 1, servicers managing Freddie Mac loans will no longer be allowed to foreclose on properties in the name of Mortgage Electronic Registration Systems (MERS). This was one of a several changes announced yesterday by Freddie Mac thro…
Abandoned Property, Freddie Mac, Loan Servicer, MERSCalling the document “unprecedented in its scope and prescriptiveness,” the Securities Industry and Financial Markets Association (SIFMA) has criticized the so-called settlement agreement with mortgage servicers issued by the 50 state attorneys genera…
Loan Servicer, loss mitigation, Servicer Settlment, Servicer Total Achievement and Rewards, STAR, State AttorneysThe 27-page document that was sent to major banks last week by the 50-state group of attorney generals is now publicly available. The letter outlines terms for a settlement expected to be worked out between the group and the banks’ mortgage serv…
Attorney General, lawsuit, Loan Servicer, Servicer Total Achievement and Rewards, STAR