ES Appraisal Services, Jacksonville, FL, has closed its doors, the second national appraisal management company to have gone bust in the past year. It also uses the trade name eValuation Solutions LLC.
A new analysis by Public Citizen of a variety of data points on foreclosures paints a grim portrait of the havoc wrought upon homeowners by the Great Recession.
Mortgage portfolio vendor Altisource has completed the spin-off of two of its units, including one that will focus on buying and owning single-family rental assets.
Happy New Year? It is if you’re a mortgage attorney charging billable hours to lenders that are trying to make sense of an array of pending rules coming out of the Consumer Financial Protection Bureau and other agencies.
Walter Investment Management Corp. is expanding its presence in the reverse market with an agreement to acquire Security One Lending (S1L), a California-based retail and wholesale reverse mortgage lender, in a stock-purchase deal valued at up to $31 million.
The CFPB has promulgated its loan originator compensation final rule, perhaps most notable for what it didn't include. Industry groups had urged the bureau to drop from the final rule its proposed "zero-zero alternative that would have required lenders to offer a loan option with no discount points or origination fees any time they offered a mortgage with such payment features. Industry representatives said...
Although the CFPB is done – for now – with its regulations governing what servicers can do regarding their residential mortgage customers, there’s still one area they intend to explore: servicing transfers. At a regulatory field hearing in Baltimore earlier this month, agency officials said they will look into the issue. How far it will go is another matter. “They’re definitely working...
The CFPB has issued its voluminous new national mortgage servicing final rules, including a host of required loss mitigation rules and processes and bringing a substantial amount of uniformity to a sector much maligned because of its controversial “robo-signing” practices. Under the rule, servicers will have to follow specified loss mitigation procedures for a mortgage loan secured by a borrower’s principal residence. If a borrower applies for a loss mitigation option, the servicer is generally required to acknowledge, within five days and in writing, that it has received the application and inform the borrower whether the application is complete. If the application is...
The CFPB decided to exempt small entities that service fewer than 5,000 loans and service only mortgages that they or an affiliate originated or own from a number of the requirements of its new mortgage servicing final rule. For instance, the bureau exempted small servicers from having to create and maintain new general servicing policies and procedures, and from having to issue monthly statements that would include more information than most community banks currently provide. The new rule also permits...
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