The Department of Labor in March proposed a new threshold for overtime eligibility. The proposal leaves untouched standards that have been in place since 2010, which make mortgage loan officers eligible for overtime pay. Currently, certain employees that make at least $455 per week ($23,600 per year) are exempt from overtime pay, which is paid at 1.5 times the employee’s regular rate of pay when working more than 40 hours a week. The DOL proposed increasing the overtime ...
Ocwen Financial, the nation’s 12th largest servicer, has reached a civil settlement with the Massachusetts Office of the Attorney General, to resolve a complaint filed by the state in 2017. As part of the agreement, Ocwen will make a $675,000 payment and provide relief to residential borrowers. The Massachusetts AG said the settlement involves total restitution of $2 million. The AG alleged that Ocwen committed “widespread mortgage servicing violations that increased Massachusetts ...
The market for servicing sales remains strong, according to industry participants. A number of lenders are looking to sell mortgage servicing rights after weighing capital requirements and cash needs with the potential to retain borrowers, according to an analysis by Strategic Mortgage Finance Group.
Industry participants fleshed out details of a housing-finance reform outline at two days of Senate hearings this week. They were divided, though, on whether an overhaul of the government-sponsored enterprises is even necessary, let alone what type of reforms need to be completed.