Servicing

How lenders are preparing for a wave of loan modifications

06/02/20

With no way of knowing just how many borrowers will need the mods after the coronavirus forbearance period ends, lenders are deploying artificial intelligence and servicing protocols to tame the ferocious piles of paperwork awaiting them.

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Mortgage niche showed promise for Michigan bank. Then coronavirus hit.

05/27/20

University Bancorp decided to shutter its wholesale mortgage lending business after it struggled to hire and train employees remotely.

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Delinquencies and foreclosures won't be as bad as feared, data suggests

05/26/20

Forecasts about the pandemic's impact on the mortgage market have grown less dire after forbearance requests by homeowners nearly leveled off in the first half of May.

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CFPB offers templates for banks, servicers to seek 'no-action' letters

05/22/20

The templates are meant to make it easier to obtain agency approval for small-dollar loan products and to accommodate mortgage servicers that want to provide online loss mitigation options.

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Fed warns corporate debt risk could soar the longer pandemic lasts

05/15/20

The central bank's Financial Stability Report said companies may face difficulties repaying debt given lower earnings, “which could trigger a sizable increase in firm defaults."

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Servicers get flak, Bisignano’s Fiserv play, lenders on PPP hook: Top stories of the week

05/15/20

Complaints to the CFPB hit an all-time high, with mortgage servicers getting much of the fire; Frank Bisignano details his priorities as Fiserv’s new CEO; lenders worry they could be stuck with billions in Paycheck Protection Program loans; and more from this week’s most-read stories.

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Cheat sheet: 7 measures in House coronavirus bill that matter to banks

05/15/20

Democrats’ latest proposal to back debt collectors, enable loans for nonprofits and provide other relief could help steer negotiations with the Senate on more stimulus.

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JPMorgan to offer banking to crypto exchanges; news services sue SBA

05/13/20

The move is the first time the bank has provided services to digital currency players; the Washington Post and four other heavy hitters want details on PPP and small business disaster loan programs.

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SBA comes in for more criticism; nonbanks' mortgage share raises concerns

05/11/20

The agency’s IG says the PPP failed to prioritize borrowers in underserved and rural markets; the firms, which lack deposits to cushion them, are vulnerable to borrowers defaulting on their loans.

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CFPB gets earful from consumers about mortgage servicers

05/10/20

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.

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