While loan performance is improving in aggregate, some borrowers remained unaware of the relief available or were unable to access it, according to the Research Institute for Housing America. ... Read full article
The Consumer Financial Protection Bureau has taken a hands-off approach to servicers during the pandemic. But with forbearance plans set to expire and President-elect Biden likely to appoint new CFPB leadership, companies lacking aggressive plans to help ... Read full article
The complaint dates back to 2014 state regulator examinations when the company was known as Nationstar. ... Read full article
Kathy Kraninger’s job status would be in question if Joe Biden wins the White House. If the president is reelected, she may continue balancing a deregulatory agenda with her unexpectedly tough stance on enforcement. ... Read full article
Customers suffered when they were placed in mortgage relief plans without their consent, the Massachusetts senator says. She urged the Federal Reserve to take the blunder into account as it weighs when to lift other sanctions against the bank. ... Read full article
The proposed best practices would be modeled after federal servicing standards and be used to supervise nonbanks firms subject to state regimes. ... Read full article
The post was vacant since Kristy Fercho left to run Wells Fargo Home Loans in July. ... Read full article
Dana Wade, a former OMB official, says a strong capital footing will help the Federal Housing Administration weather an uptick in delinquencies and ensure the mortgage market is viable once the economy recovers. ... Read full article
The amount far surpassed that of any other servicer required to purchase Ginnie Mae-backed loans that were 90 days past due. ... Read full article
The court struck down a 2015 update to the Telephone Consumer Protection Act, which permitted robocalls to cell phones for government-related debt collection. ... Read full article
The Fed chairman updated senators about the agency's new credit facility for midsize firms struggling in the pandemic. He also left open the possibility of additional stress tests to gauge the industry’s coronavirus response. ... Read full article
Former Comptroller of the Currency Joseph Otting landed a post with Black Knight, which provides technology solutions to mortgage and real estate companies. ... Read full article
One criticism of the CARES Act is that it provides relief only to borrowers with government-backed loans. Bills in New York and California would cover the remaining 30% of homeowners. ... Read full article
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. ... Read full article
University Bancorp decided to shutter its wholesale mortgage lending business after it struggled to hire and train employees remotely. ... Read full article
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. ... Read full article
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. ... Read full article
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. ... Read full article
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." ... Read full article
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 ... Read full article
