The FCC is allowing phone companies to more easily block illegal calls and unwanted calls. Mortgage servicers are concerned that legitimate calls to borrowers will inadvertently be blocked, which could cause problems.
It may be the industry's best-kept secret: The Consumer Financial Protection Bureau is actively pursuing fair lending cases, according to compliance experts speaking at an ABA conference this week. Whether any charges will be filed is a different matter.
Subservicing vendors continued to grow during the first quarter but a few firms saw a reduction in contracts. Cenlar remained the dominant player but Mr. Cooper, Flagstar and Ocwen are eager to compete. Meanwhile, consolidation looms.
The trade association has created a disclosure template that lenders can give borrowers who apply for adjustable-rate mortgages linked to the London benchmark rate. Industry participants are still trying to determine how existing ARMs linked to LIBOR should transition to a new index.
Regulatory relief for banks on mortgage servicing assets doesn’t amount to much, according to industry participants. Some of them warned that banks will leave the sector due to harsh capital requirements even as regulators defended their decisions.
The Consumer Financial Protection Bureau this week fined mortgage servicer BSI Financial Services, Irving, TX, just over $230,000 for illegal mortgage servicing practices. A new consent order from the agency lays out the details.
States proposed standards in 2015 to increase oversight of nonbank lenders and servicers but didn’t act to finalize them. The new chairman of the Conference of State Bank Supervisors is making the issue a priority.
New FHFA Director Mark Calabria singled out GSE "charter creep" as something he would like to eliminate. But he was short on specifics. Still, an FHFA probe of the matter has been launched.
The total mortgage delinquency rate among large mortgage servicers in March was at the second-lowest level in the post-crisis era. A number of factors are contributing to strong loan performance.
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