Ocwen experienced the greatest percentage decrease in average monthly complaint volume from the first quarter of 2015 to 1Q16. Then again, Ocwen's servicing portfolio has been shrinking.
Subservicing firms now process roughly 16.3 percent of all home mortgages in the U.S., the highest reading since Inside Mortgage Finance began publishing these data two years ago.
The Congressman noted that outside of a study done in 2011, the administration has had little engagement with Congress on a path toward ending the conservatorships, which are almost eight years old...
Velocify, a provider of sales automation software, found that lenders that invest in technology to meet changing borrower expectations are more likely to grow.
A special edition of the CFPB’s supervision highlights report issued last week claims that some mortgage servicers continue to use failed technology that has already harmed consumers, putting such firms in violation of the agency’s servicing rules, which were released in 2013. “Mortgage servicers can’t hide behind their bad computer systems or outdated technology. There are no excuses for not following federal rules,” said CFPB Director Richard Cordray. “Mortgage servicers and their service providers must step up and make the investments necessary to do their jobs properly and legally.” The bureau acknowledged that some servicers have made significant improvements in the last several years, partly by enhancing and monitoring their service platforms, staff training, coding accuracy and auditing, and allowing ...
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