A request from two consumers for changes to the Telephone Consumer Protection Act would interfere with mortgage origination and servicing operations, according to the Consumer Mortgage Coalition. The CMC submitted a comment letter to the Federal Communications Commission late last week in response to a petition submitted to the FCC in January. The petition called for the FCC to re-write parts of the TCPA and require express consent to be in writing from consumers regarding certain communications from companies, including mortgage lenders and servicers. The petition would define express consent as not being provided even when a person to be called knowingly provides a phone number to a lender on a loan application. Anne Canfield, executive director of the CMC, said...
Nationstar, the residential mortgage servicer, revealed recently it is being investigated by the CFPB over issues related to complying with the Home Mortgage Disclosure Act....
Virtually all the shrinkage in 2016 took place among the four megabanks with over $1 trillion in assets: Wells Fargo, JPMorgan Chase, Bank of America and Citibank.
Anne Canfield cautioned that if the FCC adopts the changes requested in the petition, lenders would largely be prohibited from calling distressed borrowers.
Mortgage lenders’ efforts at compliance with post-financial crisis regulation, largely from the CFPB, shifted their focus from fully implementing e-mortgage processes but also helped them develop the necessary technology to move forward with them in the future, according to a new report from analysts at Moody’s Investors Service. “Following the crisis, lenders focused on adapting technology to implement regulations such as the ability-to-repay [qualified mortgage] rule and the TILA-RESPA Integrated Disclosure rule rather than on e-mortgages,” the analysts said. “The implementation of those regulations has, however, led to advancements in the technology needed to originate e-mortgages by providing, for example, a seamless data feed between the mortgage loan application and the disclosure documents.” Further, “Some lenders and servicers have also ...
The banking industry continued to backpedal away from the business of servicing home mortgages for other investors during 2016, according to an exclusive new Inside Mortgage Trends analysis of call-report data. Commercial banks and savings institutions serviced $3.808 trillion of home mortgages for other investors at the end of 2016, most of which are connected to loans in mortgage-backed securities trusts. That was down $71.6 billion from the end of the third quarter, or 1.8 percent. Over the past two years, banks reduced...[Includes one data table]
It’s been roughly 42 months since the last nonbank mortgage lender went public. And it could be another 42 months before the next one comes along the way things stand today, which is kind of odd given that the industry is coming off its second-best production year of the decade. But most publicly traded nonbanks, with a few exceptions, haven’t exactly lit the world on fire the past two years. Two of the nation’s largest nonbank servicers – Walter/Ditech and Ocwen Financial – continue to trade near their 52-week lows and at a steep discount to their all-time highs. In the case of Ocwen, the fall has been...
A data management and analytics firm is offering a service that can identify a lender’s existing borrowers who “need” an offer for a cash-out refinance. Altair Customer Intelligence said it offers lenders a number of ways to retain existing borrowers. While cash-out refinance activity is well below the levels seen before the financial crisis, many borrowers have built up equity in their homes in recent years, making cash-outs an option. Steve Ferrell, ?inbound marketing manager at Altair, said...
RSS