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Tag Archives: JPMorgan Chase

New York City Comptroller Wants Banks to Perform Independent Audits

New York City Comptroller John C. Liu has called on the directors at Bank of America, Wells Fargo, JP Morgan Chase and Citigroup to conduct an independent audit of their mortgage and foreclosure practices. Liu, who is a trustee of the New York City Pension Funds called upon the banks to perform the audit on behalf of the group.

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J.D. Power and Associates Survey Shows Borrower Satisfaction Declining

A study released Thursday by J.D. Power and Associates shows that the time from submission of a mortgage application to approval time has increased by more than a week when compared to a year ago, despite changes in RESPA guidelines intended to streamline the process. J.D. Power says this longer timeline has had a negative impact on borrower satisfaction. The nation's largest mortgage lenders - BofA, JPMorgan, and Citi - ranked lowest in the firm's customer satisfaction survey.

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Senate Committee Holds Hearing on Robo-Signing

The industry's robo-signing problems were the focus on Capitol Hill Tuesday. Executives from major banks, including BofA and Chase, were on hand at a Senate Banking Committee hearing to defend the validity of their foreclosure actions and detail changes that have been made to ensure the integrity of the process. But lawmakers were hardnosed and unforgiving in their accusations. And the hearing was not without incident. Testimony was interrupted by the CEO of a nonprofit advocacy group yelling for distressed borrowers to get their say.

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Wells Fargo Ranked Top Mortgage Originator, BofA Largest Servicer

Industry data released Monday shows that the biggest originator of home loans is based on the West Coast, while the biggest mortgage servicer is based on the East Coast. With more than $100 billion in new home loans, Wells Fargo held onto the top spot among mortgage originators during the third quarter of this year. Bank of America took the lead spot in the mortgage servicer rankings, with just over $2 trillion in residential home loans in its servicing portfolio as of September 30th.

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JPMorgan Chase to Restart Suspended Foreclosures

JPMorgan Chase says it will re-file affidavits for some 127,000 foreclosures that have been on hold because of ""robo-signing"" issues. According to a company official, the resubmission of corrected documentation should begin by mid-November and will take at least three to four months to complete. The bank says it risks losing a couple million dollars each month the foreclosure proceedings are delayed. Reviews have confirmed that all foreclosure decisions have been based on materially accurate information, according to JPMorgan.

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Nation’s Biggest Banks Each Hold over $20B in Foreclosures: Report

New data released this week shows that the nation's largest banks are holding monstrous volumes of soured home loans. According to an analysis by Weiss Ratings, JPMorgan Chase, Bank of America, and Wells Fargo each reported more than $20 billion in single-family mortgages currently foreclosed or in the process of foreclosure as of midyear. In addition, for each dollar these banks held of mortgages in foreclosure, there were another $2 in loans in the pipeline that were 30 days or more past due.

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New York Courts First to Institute New Foreclosure Filing Requirement

The New York state court system has instituted a new filing requirement that officials say will prevent wrongful foreclosures and protect the integrity of the process. Lenders' counsel are now required to file an affirmation certifying that they have reviewed and verified the accuracy of foreclosure documents. The new mandate is in response to recent disclosures by major mortgage lenders of potential deficiencies in notarization and so-called ""robosigning"" of supporting paperwork.

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JPMorgan Posts $4.4B Profit, Expands Foreclosure Review to 41 States

JPMorgan Chase kicked off the third-quarter earnings season Wednesday, and the company says profits are up 23 percent from a year ago. JPMorgan brought in $4.4 billion in net income during the quarter, beating analysts' expectations. During a conference call with investors, CEO Jamie Dimon announced that the company has expanded its foreclosure review to 41 states and 115,000 loan files. He also said the bank will stop using the Mortgage Electronic Registration System (MERS).

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Administration Officials Reject Idea of National Foreclosure Moratorium

Evidence of major servicers mishandling foreclosure paperwork has cast a cloud of doubt over the entire industry and servicing procedures across the board. Consumer advocacy groups and a number of state attorneys general have demanded a nationwide moratorium on foreclosures. But two senior White House officials have indicated that the Obama administration will not support an all-out foreclosure freeze. So far, five companies have announced voluntary foreclosure suspensions because of potential deficiencies in the legal paperwork.

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Goldman Sachs’ Mortgage Servicing Arm Suspends Foreclosures

Litton Loan Servicing LP, the Houston-based mortgage servicing unit of Goldman Sachs has joined the ranks of mortgage firms issuing a voluntarily foreclosure moratorium. The company has declined to release details of which states the suspension encompasses or how many loans it might affect.

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