Loss mitigation

CFPB gets earful from consumers about mortgage servicers


Complaints to the bureau hit an all-time high in April. More than one in five said servicers wouldn't grant deferrals, forced borrowers into forbearance or violated other requirements of the coronvavirus relief law.


State attorneys general urge FHFA, HUD to expand mortgage payment help


The bipartisan coalition of AGs said homeowners should be allowed to wait until the end of a loan term to make payments they skipped because of the coronavirus.


Senators urge oversight council to provide relief to mortgage servicers


A bipartisan group of lawmakers wrote in a letter to the Treasury secretary that the Financial Stability Oversight Council should create a liquidity facility to deal with a flood of forbearance requests brought on by the coronavirus pandemic.


Mortgage forbearance requests surged as coronavirus spread


The share of borrowers seeking payment relief rose more than tenfold as COVID-19 concerns grew and authorities encouraged the practice, according to the Mortgage Bankers Association.


FHA urges servicers to go easy on federal workers during shutdown


The agency wants mortgage servicers to extend special forbearance plans to those affected by the partial government shutdown and evaluate borrowers for loss-mitigation options.


FHA eases document requirements for reverse mortgage insurance claims


The Federal Housing Administration is making it easier for reverse mortgage servicers to submit insurance claims by expanding the types of supporting documentation it will accept on defaulted loans.


FHA revises loss mitigation options for hurricane victims


The new policy, meant to assist borrowers in Puerto Rico and the U.S. Virgin Islands, will let servicers evaluate borrowers using pre-disaster payment information.


Wells Fargo set aside $8 million to repay customers affected by loan mod mistakes


Wells Fargo estimates that in 400 instances, borrowers later went through foreclosure who were improperly denied or not offered a mortgage modification.


Laurie Maggiano, HAMP architect, CFPB program manager, dies at 64


Laurie Maggiano, the Consumer Financial Protection Bureau's program manager for servicing and secondary markets, died on Sunday.


PHH Mortgage to pay $45M to settle robosigning allegations by 49 states


PHH Corp. agreed to a $45 million settlement to resolve allegations from 49 states and the District of Columbia that it engaged in "foreclosure process abuses" involving "inconsistent signatures" in its servicing business from 2009 to 2012.