Wells Fargo was the subject of more mortgage complaints than any other player in the sector. Then again, Wells is both the largest lender and servicer.
FHFA’s Revised NPL Sale Guidelines: This week, the Federal Housing Finance Agency enhanced its nonperforming loan sale guidelines with three key changes. NPL buyers must evaluate borrowers whose mark-to-market loan-to-value ratio is above 115 percent for modifications that include principal reduction and/or arrearage for forgiveness. NPL buyers cannot “walk away” from vacant properties.
Researcher Tom Popik said lenders may be missing opportunities to leverage strong homebuyer contacts acquired through the mortgage preapproval process.
The American Bankers Association said it “strongly supports the principle of accountability and balance, and commends the sponsor of this measure for working to improve the accountability of the bureau.”