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Volume 2014 - Number 6

March 14, 2014

NY DFS Targets Nationstar, Nonbank Cooperates

Nationstar Mortgage joined Ocwen Financial last week under the glare of the New York Department of Financial Servicesí spotlight. Ben Lawsky, superintendent of the NYDFS, said the state regulator has received hundreds of complaints about Nationstarís practices, including problems with loan modifications, improper fees and lost paperwork. ďOur department has significant concerns that the explosive growth at Nationstar and other nonbank servicers may create capacity issues ...

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With rates higher this year, there has been talk of lenders liberalizing their underwriting standards in an effort to increase volume and make up for lower refis.

Do you think your shop will loosen standards over the coming three months?

Yes, but not by much.
Yes, by a lot.
Yes and, heck, we may even do non-QM lending.
No, not at all.
No and we may even tighten credit.

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