Bank of America is once again offering for sale a large package of mortgage servicing rights and at least a half-dozen or so buyers are lining up to bid.
According to the government, Golden First Mortgage Corp. of Great Neck, NY, failed to carry out its duties and responsibilities as a direct endorsement lender, leaving FHA with large losses.
CFPB’s crosshairs, the bureau revealed week as it announced enforcement actions against four private mortgage insurers over the industry’s use of captive reinsurance arrangements, and fining the companies relatively small amounts. These units have been in runoff mode for several years, as captive re withered after the market collapse. “[I]n every kickback situation, there is somebody paying and somebody receiving. It takes two to tango,” said CFPB Director of Enforcement Kent Marcus. “Today, we’re dealing with those paying...
The CFPB went “live” with a significantly expanded consumer complaint database late last month, featuring a wealth of new data on problems consumers have with credit cards, mortgages, student loans, bank accounts, services and other consumer loans. The CFPB characterizes it as “the nation’s largest public database of federal consumer financial complaints, opening up to consumers information on more than 90,000 individual complaints on financial products and services.” CFPB Director Richard Cordray said, “By sharing these...
The CFPB is now accepting consumer complaints about money transfer transactions, otherwise known as remittances, the bureau announced last week. The agency specifically wants to hear from consumers who have an issue such as money was not available when promised; a wrong amount charged or received (transfer amounts, fees, exchange rates, taxes, etc.); or incorrect/missing disclosures or information. The CFPB also wants to hear about other transaction issues (unauthorized transaction, cancellation, refund, etc.); other service issues...
RSS