According to an announcement, CoreLogic created the solution as a faster, cheaper, configurable way for servicers to check a number of factors related to a loan's status and viability, including lien status, current equity position, and the borrower's updated credit profile. The end result is a platform intended to allow firms to easily render modification and forbearance decisions in a compliant way.
Read More »Compliance Pro Compares Mortgage Servicing Industry to Rodeo
Two mortgage servicing industry experts speaking on complying in an industry where the laws are constantly changing – and getting tougher – compared keeping up with servicing standards to competing in a rodeo.
Read More »Servicers Need to be ‘Creative’ With Loan Modification
A panel of experts at the Servicing Lab at the Five Star Conference on Tuesday agreed that in order for loss mitigation to be effective in 2014 and heading into the future, servicers must find new and inventive ways to execute.
Read More »Legal Action Possible for Excessive Lender-Placed Insurance Rates
In 2012, lender-placed insurance issues cost Fannie Mae and Freddie Mac a combined $360 million, and now the federal government may take legal action against servicers for charging excessive LPI rates, according to a report released Wednesday by the Federal Housing Finance Agency’s Office of the Inspector General.
Read More »Consumer Complaints to CFPB Nearly Double in 2013
According to new data offered by the CFPB, complaint volume last year totaled 163,700, an 80 percent increase from the 91,000 recorded complaints in 2012. Including this year, the bureau has received more than 310,000 complaints to date. The leap in volume underscores the challenges that still remain despite the progress made by financial industries in the last few years.
Read More »Fannie Mae Increases Fines for Late or Inaccurate Reporting
Fannie Mae announced it has revised its maximum fee assessment for servicers that submit late or inaccurate loan reporting. Fannie Mae fines servicers in order to recoup the losses and damages that result from servicing breaches, "including reimbursement for Fannie Mae's internal administrative costs in tracking, reporting, and correcting these errors."
Read More »Fannie Mae Names First Five STAR Servicer
For the first time ever, Fannie Mae has named a five STAR winner. On Wednesday, Fannie named Cincinnati-based Fifth Third Bank its sole Five STAR designee for the bank's achievements as a mortgage service provider throughout 2013.
Read More »HAMP Anniversary Brings Mortgage Rate Increases
As the Home Affordable Modification Program (HAMP) reaches its five-year anniversary, some HAMP loans, including Fannie Mae HAMP loans, will begin to experience an increase in mortgage rates. When loans were modified, they were provided a below-market rate to help struggling homeowners. The rate was good for a set period of time, often five years, which makes HAMP's anniversary bittersweet for some homeowners who will now face rising interest rates.
Read More »Regulator Voices Worries on Growth of Non-Bank Servicers
The New York regulator who put a hold on Ocwen’s latest mortgage servicing rights (MSR) deal with Wells Fargo expressed on Wednesday his concerns about the rapid growth of non-bank servicers in the industry—and his belief that regulators should step in when necessary.
Read More »FHFA Report Finds Lack of Compliance; Oversight
The Federal Housing Finance Agency (FHFA) Office of the Inspector General (OIG) released a report Wednesday, outlining conclusions drawn from a study done on the Servicing Alignment Initiative (SAI). The assessment of servicers provided by the FHFAOIG was far from glowing, citing specific areas of improvement for servicers of Government-Sponsored Enterprise (GSE) mortgages, specifically those who service Fannie Mae and Freddie Mac.
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