Tag: finance

An interim final rule is intended to give mortgage servicers more flexibility about when they can communicate with borrowers who have requested no contact.

At issue is the Fair Debt Collection Practices Act, which gives consumers the option to request that companies stop contacting them except for limited purposes.

The interim regulation addresses changes made last year by the Consumer Financial Protection Bureau requiring servicers to send written notices to borrowers at risk of foreclosure who have requested a cease in communication.

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From:: Financing

Less than a week after disclosing consent orders with several states, Ocwen Financial Corp. has revealed settlements with three more states.

On Sept. 29, the West Palm Beach, Florida-based company disclosed that it came to an agreement on consent orders with 10 states.

The orders required that Ocwen transition away from its current mortgage servicing system, REALServicing, and improve its servicing practices.

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From:: Financing

Amid multiple lawsuits over allegedly illegally charging home loan applicants rate-lock extension fees, Wells Fargo & Co. will refund as much as nearly $100 million.

The issue first came to light in January when ProPublica reported on the alleged improper fees based on statements it reportedly obtained from four former employees.

Then, in July, former employee Mauricio Alaniz filed a lawsuit alleging that even though inadequate production staffing led to closing delays, borrowers were charged extension fees.

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From:: Financing

In addition to a couple new c-suite occupants, the nation’s mortgage banking firms have recently appointed senior executives who will oversee retail origination activity and other departments.

Tricia M. Bailey is the new president and chief executive officer of PSM Holdings Inc., a Sept. 26 statement said. The 25-year mortgage veteran previously spent time at Banc of California and PRMG Inc.

Murrieta, California-based PSM, which is also known as Prime Source Mortgage Inc., additionally revealed that 30-year mortgage veteran Bill Lawton was hired as executive vice president, national production.

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From:: Financing

New bankruptcy filings by consumers were down from a month earlier to the lowest level in seven months. Filings also retreated from a year earlier.

New bankruptcy cases that were filed by both businesses and consumers during the month of September 2017 worked out to 60,001 — the fewest since February.

Activity eased compared to the preceding month, when there were a previously reported 68,117 new bankruptcy filings that were made.

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From:: Financing

The annual volume of federally insured reverse mortgages increased. With the government’s fiscal year concluded, the biggest reverse mortgage lender rankings are in.

September of this year had 4,592 home-equity conversion mortgages that were endorsed by the Federal Housing Administration.

The volume of HECM activity moved down from the preceding month, when FHA mortgagees generated 4,927 endorsements.

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From:: Financing

Slowing mortgage production is behind HomeStreet Inc.’s decision to eliminate dozens of jobs and scale back on several home-lending centers.

In a statement Monday, the Seattle-based financial institution revealed that its expectations for single-family loans originations have been reduced.

Lower production is being blamed on strong job growth in the West Coast markets where it operates that has driven up demand for residential housing.

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From:: Financing

The servicing on nearly $10 billion in government-sponsored enterprise loans is being auctioned off. The offering has a California concentration.

Mortgage servicing rights are being offered for sale on 39,852 single-family loans that had an aggregate unpaid principal balance of $9.631 billion as of Aug. 31.

Fannie Mae loans account for 23,525 of the units in the offering, while another 16,327 of the units are Freddie Mac mortgages.

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From:: Financing

A mortgage company that tried to cash in on a three-decade-old $5.2 million land loan it acquired by suing the homeowners has lost its lawsuit.

In 2009, JB Mortgage Co. became the owner of a loan on land in Georgetown, Texas, that was foreclosed on before it was developed.

A lawsuit filed against a homeowners association in 2013 by JB Mortgage was dismissed. But after the 5th Circuit ruled in JB Mortgage’s favor in 2015, the company moved forward in court.

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From:: Financing

A new president has been named at PrimeLending. He was promoted from within the company, where he has worked for six years. There is no word yet on what happened to his predecessor.

Back in 2014, Dallas-based PrimeLending disclosed that it promoted Scott Bristol from his role as executive vice president, national production manager.

But Bristol’s tenure has apparently come to an end, according to an announcement on Monday from the mortgage banking unit of Hilltop Holding Inc.

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From:: Financing