The Consumer Financial Protection Bureau’s latest monthly report on consumer complaints finds that borrowers who are having a hard time staying current on their mortgages are still having problems with their servicers. The bureau said 51 percent of gripes involved problems homeowners faced when they were unable to make their mortgage payments. Consumers continued...
The New York State Supreme Court recently reversed a ruling in a foreclosure case, providing a favorable decision for lenders and servicers. New York Community Bank v. Daphne McClendon involved a foreclosure that was initiated in 2012. The mortgage in question was originated in 2008 by AmTrust Bank for $544,000. The note accompanying the mortgage was signed by electronic signature. The borrower challenged...
While S&P will rate new non-agency MBS without formal guidance from the CFPB, the rating service noted that the market’s handling of TRID issues is fluid...
State regulators have been particularly concerned about growth in recent years by nonbank servicers such as Ocwen Financial, the largest subprime servicer. Ocwen, of course, is now shrinking.
On the subject of delayed closings, one agent had this to say: “All of my closings are taking two to four weeks longer to close, and there has been a lot of confusion…”
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