Tag Archives: Mortgage Servicers

The U.S. Court of Appeals for the Third Circuit on Monday ruled in the favor of MERSCORP Holdings that the company was not duty-bound by the Pennsylvania recording statute to record all land conveyances, according to an announcement from MERS.

Faris also noted that the company sold off a large portion of non-performing servicing, reduced their corporate debt, and revealed a new cost improvement initiative.

At-risk customers, those that J.D. Power defines currently behind in their mortgage payments or concerned about keeping current during the next year, represent only 15 percent of the survey respondent pool. This small group has been the center of regulatory and other government agencies such as the Consumer Financial Protection Bureau (CFPB), Fannie Mae, and Freddie Mac.

CFPB said the company put consumers in "loan modification purgatory," confusing them about the status of their loan mods and making it difficult to take appropriate action.

Nationstar Mortgage Holdings rebounded from a $48 million net loss in the first quarter this year to post a net income of $75 million ($0.69 per share) for the second quarter in the company's Q2 2015 earnings statement released Thursday.

The report covers the illegal practices that the Bureau uncovers in areas such as consumer reporting, debt collection, student loan servicing, mortgage origination, mortgage servicing, and fair lending for the first four months of the year.

One of the reasons why Ocwen expressed surprise and disappointment at S&P's decision to downgrade its rankings was the recognition the servicer received from Moody's earlier this month, which were prompted largely by sales of nearly $100 billion in Agency mortgage servicing rights portfolios this year.

The homeowners claim that Ocwen charged them for unnecessary repeat inspections properties where the borrower was either delinquent or in default, and by doing so they claim Ocwen was in violation of Fannie Mae's servicing guidelines that require individual cases to be assessed to determine if the properties are in need of subsequent inspections after the first.

Ocwen Financial Corporation, one of the country's largest non-bank mortgage servicers, announced the appointment of Alan J. Bowers as a new independent director to the firm's Board of Directors, according to an announcement from Ocwen.

The new requirements are expected to allow the GSEs to operate smoothly by providing greater transparency, clarity and consistency to industry participants and other stakeholders, and reflect feedback received over the past several months.