Bexil American Mortgage, a company headed by industry veteran John Robbins, finally revealed the name of the mortgage banking firm it agreed to buy a few weeks back: Castle Mortgage of Vestavia Hills, AL.
The Consumer Financial Protection Bureau may reconsider certain regulatory exemptions to its servicing rules as they pertain to small servicers, agency counsel Mitchell Hochberg said during an Inside Mortgage Finance webinar late Tuesday afternoon.
Bexil American Mortgage has finally obtained its Ginnie Mae servicer approval and this week inked a deal to purchase a small nonbank lender whose identity it, so far, has not been revealed.
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.
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.
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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