CFPB Orders Citi Subsidiaries to Pay $28.8 Million for Giving the Runaround to Borrowers Trying to Save Their Homes

CFPB Orders Citi Subsidiaries to Pay $28.8 Million for Giving the Runaround to Borrowers Trying to Save Their Homes

Mortgage Servicers Kept Borrowers in the Dark About Options, Demanded Excessive Paperwork

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today took separate actions against CitiFinancial Servicing and CitiMortgage, Inc. for giving the runaround to struggling homeowners seeking options to save their homes. The mortgage servicers kept borrowers in the dark about options to avoid foreclosure or burdened them with excessive paperwork demands in applying for foreclosure relief. The CFPB is requiring CitiMortgage to pay an estimated $17 million to compensate wronged consumers, and pay a civil penalty of $3 million; and requiring CitiFinancial Services to refund approximately $4.4 million to consumers, and pay a civil penalty of $4.4 million. (more…)

Here’s Another Way Wells Fargo Took Advantage Of Customers

Here’s Another Way Wells Fargo Took Advantage Of Customers

Four former employees say that Wells Fargo made clients in its Los Angeles region pay for missing deadlines to lock in interest rates on loans, even though the delays were the bank’s fault.

(Source: ProPublica) – Wells Fargo, the largest mortgage lender in the country, portrays itself as a stalwart bankthat puts customers first. That reputation shattered in September, when it was fined $185 million for illegally opening as many as 2 million deposit and credit-card accounts without customers’ knowledge. (more…)

Trump Administration Raises FHA Mortgage Insurance 25 Basis Points

Trump Administration Raises FHA Mortgage Insurance 25 Basis Points

One of the first executive orders announced by the Trump Administration this past week to raise Federal Housing Administration (FHA) mortgage insurance premiums by suspending the 25 basis points reduction introduced earlier this month by the Obama administration. As a result, low-income and middle-class homeowners will pay hundreds of dollars more per year for their FHA mortgages. (more…)

Things to Do in San Diego for February 2017

Things to Do in San Diego for February 2017

Here is a great list of things to do in San Diego, California during the month of February 2017. The calendar of events is courtesy of my colleagues at First American Title, Kevin Morehouse, Amanda Brown, & Rebecca Ives.

Circus Vargas presents Steam Cirque Feb. 2-13

Goggles, gears, and gadgets set the stage for 2017’s retro-futuristic production, Steam Cirque! Meet and mingle with the entire cast after each performance. Capture the fun by posing for pics or selfies with your favorite cast members, all part of an unforgettable Circus Vargas experience!
See website for schedule. / Mission Bay Park
(877) 468-3861 / www.circusvargas.com (more…)