While the foreclosure crisis is over and federal regulators are being less assertive on enforcement actions, mortgage servicers can't let their guard down about compliance, according to Standard & Poor's. Some of the recent positive news for the “beleaguered industry” included: acting Consumer Financial Protection Bureau Director Mick Mulvaney's statements at the Mortgage Bankers Association […]
Rep. Maxine Waters, the ranking Democrat on the House Financial Services Committee, has introduced a bill intended to increase protections for homeowners facing possible foreclosure. The bill would increase the Federal Housing Finance Agency's oversight of mortgage servicers that conduct business with the government-sponsored enterprises Fannie Mae and Freddie Mac. Foreclosure News
On February 7, 2018, Florida's Third District Court of Appeal rejected multiple arguments routinely advanced by borrowers' counsel in defense and delay of foreclosure litigation, reversed the trial court's order dismissing the case, and remanded with instructions to enter a judgment of foreclosure. HSBC Bank USA, N.A. v. Foreclosure News
Last week, the U.S. Court of Appeals for the Ninth Circuit issued a significant decision in favor of lenders and mortgage servicers fighting off claims that their mortgage liens were extinguished by Nevada homeowners associations' foreclosures from 2010 to 2014. In Berezovsky v. Foreclosure News
Oregon's legislature continues to add state level regulations to the Home Equity Conversion Mortgage marketplace. In 2015, the state imposed a series of content and presentation requirements on any “advertisement, solicitation, or communication” HECM lenders used to induce potential borrowers to apply for a HECM loan. Foreclosure News
The Massachusetts Supreme Judicial Court provided further guidance – up to a point – on mortgagees' strict compliance with the notice of default provisions within paragraph 22 of the standard mortgage and when that standard takes effect. Mortgage holders have litigated this issue for years in Massachusetts, and the SJC first addressed compliance with paragraph […]
“In certain circumstances, we will require specific and credible plans on how their information technology systems will be upgraded,” says CFPB Director Richard Cordray. The Consumer Financial Protection Bureau will require underperforming servicers to document the technology and process changes used to implement the agency's recently released servicing regulations. Foreclosure News
Mortgage lenders and servicers face several regulations in servicing residential mortgages. There are requirements under the Truth in Lending Act . Foreclosure News
Some mortgage servicers are failing to follow federal rules intended to help struggling borrowers avoid foreclosure, often because they use faulty technology, the U.S. agency charged with protecting consumers' finances said on Wednesday. In a report, the Consumer Financial Protection Bureau found some servicers, the conduits for mortgage payments, are falling short of the rules […]
While servicers are still dealing with high levels of problem loans in their portfolios, they are hopeful that rising rates will slow the outflow of loans they lose when borrowers refinance. At the same time they are counting on loans they’ve lost to refis to be partially replaced by stickier purchases, balancing out their portfolios […]