Home Loan Servicing Solutions, which is slated for sale to New Residential Investment Corp., said it has received notice from the NASDAQ that it is no longer in compliance with the exchange's listing requirements, which means it could eventually be removed from the trading board.
The changes the CFPB wants to make to its 2013 mortgage servicing rules under the Real Estate Settlement Procedures Act and the Truth in Lending Act got a mixed reception from the mortgage industry. The proposed rule was issued in mid-December, and the public comment period closed last week. The proposed amendments cover nine primary topics: successors in interest, definition of delinquency, requests for information, force-placed insurance, early intervention, loss mitigation, prompt payment crediting, periodic statements, and small servicer issues. The Independent Community Bankers of America was pleased with the bureau’s proposed amendment to the small servicer definition that will permit a small servicer to service, for a fee, mortgage loans that are seller-financed transactions subject to certain limitations. ...
Ocwen actually received the highest marks possible across its performance review for 4Q, but Treasury said the servicer’s “moderate” improvement rating was due to a lack of progress in implementing previously identified improvements.
Loan Modification Trial Payment Plans for Forward Mortgages. The Department of Housing and Urban Development has announced requirements for trial plan duration, required signatures, and reporting for trial payment-plan agreements, and the conditions under which FHA deems a TPP to have failed.Lenders must implement the requirements in Mortgagee Letter 2015-07 for all TPPs offered to borrowers on or after June 1, 2015. FHA Publishes Additional Sections of HUD Single-Family Policy Handbook. The FHA has published additional sections for the SF Handbook, including the following: Doing Business with FHA – Lenders and Mortgagees Doing Business with FHA – Other participants in FHA Transactions – Appraisers; Quality Control, Oversight and Compliance – Lenders and Mortgagees; Quality Control Oversight, and Compliance – Other Participants in FHA Transactions – Appraisers ...
A number of non-agency MBS investors with mezzanine and subordinate positions in deals serviced by Ocwen Financial support the troubled servicer, according to industry participants. The investors have pushed back against an effort by other investors holding senior tranches to get servicing transferred from Ocwen. “Ocwen is a critically important servicer in private-label residential MBS,” John Devaney, CEO of United Capital Markets, wrote in a recent letter ...
The mortgage servicing market grew for 226 consecutive quarters from March 1951 (when the Fed started quarterly calculations) to the first quarter of 2008, when it peaked at $11.321 trillion.
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