Final testing and training for IOPP began this winter, with deployment expected “in early 2015,” Ginnie Mae said.

Declining interest rates don't appear to have affected the servicing auction market much.

Ocwen denied that there is any basis for a default under the trust agreements...

Sterne Agee estimates that such settlements could cost the nation’s fourth largest servicer $496 million.

FHA told lenders that if a new case number is replacing an old one, the old case cancellation must have been completed before the system will allow for a new one.

Thanks to its settlement with California regulators, Ocwen's share price is on the rise. But for how long?

Wells Fargo and JPMorgan Chase settled with the CFPB and the Maryland Attorney General last week, resolving allegations of participating in an illegal marketing kickback scheme with Genuine Title, a title company that has since gone out of business. The government agencies alleged that Genuine Title gave the banks’ loan officers cash, marketing materials and consumer information in exchange for business referrals. The CFPB and the Maryland AG also took action against former Wells Fargo employee Todd Cohen and his wife, Elaine Oliphant Cohen, both of Baltimore, for their alleged involvement. The two government agencies are seeking $24 million in civil penalties from Wells Fargo and $600,000 in civil penalties from JPMorgan Chase. They also want $10.8 million from Wells ...

The CFPB stirred up a hornet’s nest of industry anger and opposition earlier this month when it released an unfinished version of an interest-rate checker, part of a suite of new online tools dubbed “Owning a Home” to help homebuyers better shop around for a mortgage. “One critical feature contained in Owning a Home is the Rate Checker, a tool currently in beta release that helps consumers understand what interest rates may be available to them,” said bureau Director Richard Cordray. “It incorporates information from lenders’ internal rate sheets, information they use to calculate what interest rate is available for a particular consumer. In other words, we are giving consumers direct access to the same type of information that the ...

The legal doctrine of disparate impact is a powerful arrow in the enforcement quiver the CFPB can bring to bear across a number of sectors in the broad financial services industry – and it may get a big boost if the Supreme Court of the United States says it is legal. Last week, the SCOTUS heard oral arguments in Texas Department of Housing and Community Affairs, Et Al., v. The Inclusive Communities Project Inc. (No. 13-1371). The crux of this case is whether disparate impact claims are cognizable under the Fair Housing Act of 1968, where a plaintiff alleges discrimination based on the disparate impact that a defendant’s “facially neutral” practice has on members of a demographic group of society, the ...

When it comes to legal cases at the Supreme Court of the United States, score one for the CFPB. Earlier this month, in Jesinoski v. Countrywide, the SCOTUS essentially upheld the bureau’s position on borrower rescission of a mortgage under the Truth in Lending Act. Specifically, the high court unanimously ruled that TILA only requires written notice to a mortgage lender within three years in lieu of requiring a borrower to formally file a lawsuit within that time span. Under TILA, a borrower may rescind a mortgage within the first three days of consummation of the transaction or the delivery of the mandated disclosures required. However, if a lender fails to make the disclosures demanded under TILA, this right is ...