Among other issues, the GAO found that for three of the servicers, their denial rates were significantly higher for Hispanics than for the comparison population of non-Hispanic whites.
Despite the findings of the Inspector General's office regarding appraisal reviews, the GSEs’ recent books of business are considered to be of pristine quality.
Morgan Stanley notes: “The agreement in principle is subject to final approvals by the parties. In connection with the settlement, the company will record an addition to legal reserves of $150 million, which will have the impact of reducing income..."
The nation’s third largest FHA servicer also admitted that it failed to inform the government mortgage insurers when its own internal reviews discovered more than 500 defective loans that never should have been submitted for coverage.
“This situation consisted of sexually charged behavior and comments from the supervisory staff and participating mortgage bankers, which resulted in a sexist and uncivil atmosphere,” the EEOC said of the JPM workplace.
According to company correspondence provided to Inside Mortgage Finance, Green Tree's target date for exiting the wholesale/broker channel is mid-April.
Federal regulators have, for all intents and purposes, completed their work on the qualified residential mortgage standard. This means the final rule’s release could be imminent.
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