In order to settle a class-action lawsuit, the nation’s largest servicer said it will provide forbearance only to borrowers who request assistance verbally, in writing or through electronic means.
Mortgage professionals should ensure social media endorsements, online advertisements and other “virtual” marketing services comply with anti-kickback provisions.
The flow market for MSR sales is returning to normal after COVID-related volatility in March and April caused demand for MSRs to wane. Traditional sellers of MSRs retained servicing this summer, helped by profits from the refi business.
While the share of loans in forbearance continues to decline, the borrowers who remain in relief could be more difficult to help, according to industry analysts.
A federal judge found that the government’s failure to provide evidence in a timely manner violated the defendants’ constitutional right to a speedy trial. But the case was dismissed without prejudice.
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