Thanks to rising interest rates in the second half of 2017, sales of mortgage servicing rights boomed last year and, the way things stand today, 2018 could bring more of the same.
The Consumer Mortgage Coalition recently wrote to CFPB Acting Director Mick Mulvaney to express the continuing, unresolved concerns its members have with some of the bankruptcy-related provisions of the bureau’s mortgage servicing rules. As of April 2018, mortgage servicers will have to send monthly billing statements to consumers in active bankruptcy cases and certain bankruptcy cases in which the debtor’s personal liability was previously discharged. This is problematic for a number of reasons, according to the CMC. First, these proposed rules conflict with well-settled bankruptcy law prohibiting a creditor from collecting from consumers who are in an active bankruptcy case or who have previously been discharged from personal liability in a prior bankruptcy case. “The courts have held these provisions ...
Complaints by active-duty and retired U.S. military personnel about their mortgages rose in many categories tracked, both on a quarterly basis and on an annual basis, according to a new analysis and ranking by Inside the CFPB. Overall, they are definitely trending up. For instance, complaints by service members about all mortgage products in general rose from 582 incidents in the fourth quarter of 2016 to 739 in the fourth quarter of 2017, but they fell from a total of 741 in the third quarter of last year. The increase was a little more consistent when particular mortgage products were segregated out from the aggregate data. For instance, gripes about conventional mortgages rose from 218 in 4Q16 to 334 [with charts] ...
RSS