Luxembourg-based mortgage servicer Altisource Portfolio Solutions is cutting more than 800 jobs both overseas and at home in the wake of what was a bumpy year for the company. The move was announced in a conference call with investors on Friday that saw Altisource management working to reassure shareholders who have seen their stock drop more than 80 percent in the last year.
Read More »Ocwen Reaches Settlement With New York Regulator
Ocwen's year-long difficulties with New York's Department of Financial Services (DFS) has ended with a $150 million settlement and the departure of its executive chairman, the company announced Monday.
Read More »DLS Executives Discuss Challenges Facing Servicing Industry on Internet Radio Show
Two executives from Michigan-based default servicing solutions provider DLS Servicing Consultants appeared on the online radio program Capital Markets Today, hosted by Louis Amaya, on December 10 to discuss the state of affairs of Federal Housing Agency (FHA) loss mitigation in the mortgage service industry.
Read More »California Judge Dismisses $16 Million Verdict Against Servicer
A California judge dismissed a $16.2 million verdict a jury awarded to a California homeowner in July after the homeowner sued mortgage servicer PHH Mortgage to stop foreclosure proceedings on his home.
Read More »CFPB: Some Mortgage Servicers Violated New Servicing Rules
Examiners from the Consumer Financial Protection Bureau (CFPB) found that some mortgage servicers violated federal laws while supervising for compliance, CFPB announced recently.
Read More »White Paper Discusses Challenges Facing Mortgage Servicers
CoreLogic has released its fourth out of a series of four white papers entitled Foundation for a Sound Housing Market addressing the high-level aspects of the challenges today's mortgage servicing sector is facing.
Read More »Delaware Court Rules in MERS’ Favor Over Assignment of Mortgage
MERSCORP Holdings gained yet another legal victory earlier this week, this time in Delaware. In a suit brought about by a disgruntled mortgagor over whether or not MERS had the authority to assign a mortgage, a Delaware court ruled in MERS' favor.
Read More »Study: Foreclosure Prevention Counselors Saving Homeowners Millions
Foreclosure prevention counselors have saved homeowners millions of dollars annually, according to a recent study by the Urban Institute for NeighborWorks America.
Read More »CFPB Warns Servicers to Follow Loan Transfer Rules
The Consumer Financial Protection Bureau (CFPB) issued a bulletin on August 19 for mortgage servicers, outlining how they should handle the loan transfer process. The bulletin includes a reminder to mortgage servicers to pay close attention to the new common-sense mortgaging rules implemented by the CFPB in January 2014, aimed at protecting consumers from being harmed during loan transfers.
Read More »Freddie Mac Extends Mortgage Relief to Washington Disaster Victims
Freddie Mac commented Wednesday that its' full menu of mortgage relief policies are available for borrowers who are affected by disasters in the state of Washington from recent flooding and landslides. The company said, "Freddie Mac's disaster relief policies enable servicers to help borrowers with homes in presidentially declared Major Disaster Areas where federal Individual Assistance programs are being made available."
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