The New York Department of Financial Services’ exam of Ocwen Financial has expanded into a force-placed insurance deal with Altisource Portfolio Solutions.
The American Bankers Association told the Consumer Financial Protection Bureau that its members are working hard to refine their implementation of the bureau’s new mortgage servicing rules, but have bumped into a handful of questions and concerns they’d like the agency to address via regulatory guidance or amendment.
Shortly before Congress left town for its annual summertime break, Sen. Mary Landrieu, D-LA, introduced S. 2641, legislation to amend the Truth in Lending Act to provide that residential mortgage loans held in portfolio would be deemed qualified mortgages for purposes of satisfying the requirements of the Consumer Financial Protection Bureau’s ability-to-repay rule.
The CFPB, the Federal Trade Commission and 15 state attorneys general, as well as other state agencies, announced a number of legal actions last month against alleged foreclosure relief scammers they accused of using deceptive marketing tactics to rip off distressed homeowners across the country. The CFPB filed three lawsuits against companies and individuals it asserted collected more than $25 million in illegal advance fees for services that falsely promised to prevent foreclosures or renegotiate troubled mortgages. The bureau is seeking compensation for victims, civil fines and injunctions against the companies and individuals it identified. One of the lawsuits was filed against Clausen & Cobb Management Company, Inc., its owners, Alfred Clausen and Joshua Cobb, and their business associate, attorney ...
In what is likely the first such case of its kind, a law firm headed up by former Ohio Attorney General Marc Dann, D, brought suit last month in the Eastern Division of the U.S. Northern District Court of Ohio against JPMorgan Chase, alleging the lender violated the new mortgage servicing regulation promulgated by the CFPB. According to court documents, homeowner Bethanne Wasko, of Poland, OH, was always current on her mortgage until she sought a loan modification and was told by Chase that she would need to stop making payments in order to be eligible. Wasko did as she was told, her attorney’s filing said, but instead of offering her the modification she sought, the bank filed for foreclosure. ...
The American Bankers Association told the CFPB its members are working hard to refine their implementation of the bureau’s new mortgage servicing rules, but have bumped into a handful of questions and concerns they’d like the agency to address via regulatory guidance or amendment. The first issue involved rolling delinquencies and the “120-day rule.” The bureau’s rule prohibits a servicer from making the first notice or filing for foreclosure unless a borrower’s mortgage loan obligation is more than 120 days delinquent. Many ABA members asked how this 120-day rule applies to “rolling delinquencies,” which occur when delinquent borrowers resume making payments on the loan without making up for past missed payments. “ABA members need regulatory certainty regarding how to apply ...
The seller, which IMA would not identify, hopes to close the sale by Sept. 30. Just over 5,050 loans are in portfolio, which is top heavy in California.
RSS