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Volume 25 - Number 16

August 4, 2014

JPMorgan Chase Accused of Violating CFPB’s Servicing Rules

In what is likely the first such case of its kind, a law firm headed up by former Ohio Attorney General Marc Dann, D, brought suit last month in the Eastern Division of the U.S. Northern District Court of Ohio against JPMorgan Chase, alleging the lender violated the new mortgage servicing regulation promulgated by the CFPB. According to court documents, homeowner Bethanne Wasko, of Poland, OH, was always current on her mortgage until she sought a loan modification and was told by Chase that she would need to stop making payments in order to be eligible. Wasko did as she was told, her attorney’s filing said, but instead of offering her the modification she sought, the bank filed for foreclosure. ...

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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.

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