New Jersey Citizen Action, Ocwen and the NAACP Team Up to Help New Jersey Homeowners Explore Mortgage Solutions

New Jersey Citizen Action, Ocwen and the NAACP Team Up to Help New Jersey Homeowners Explore Mortgage Solutions

New Jersey Citizen Action (NJCA), Ocwen Financial Corporation (NYSE: OCN), and the NJ State Conference of the NAACP are teaming up on Thursday, November 16, 2017 at the Appian Way in to explore mortgage solutions with Ocwen borrowers from across the state who are having difficulty paying their mortgages.

Homeowners are invited to join NJCA counselors and representatives from Ocwen and the NJ NAACP for a complimentary dinner and an informative presentation about how New Jersey Citizen Action’s free HUD-certified Loan Counseling Program can help homeowners find mortgage solutions during difficult economic times. Registration for the event is required. (more…)

CFPB sues Ocwen for years of mortgage servicing abuse

CFPB sues Ocwen for years of mortgage servicing abuse

For the last 10 years, I have heard hundreds, if not thousands of complaints from homeowners who have been used and abused by one of the nation’s largest nonbank mortgage servicers, Ocwen. This company has a long history of mortgage servicing violations so it is no surprise to me that the Consumer Financial Protection Bureau announced yesterday that they are suing Ocwen Financial Corporation and its subsidiaries for failing borrowers at every stage of the mortgage servicing process. (more…)

Fannie Mae Updates Loan Modification Policies and Mortgage Servicing Guidlelines

Fannie Mae Updates Loan Modification Policies and Mortgage Servicing Guidlelines

The mortgage servicng guidelines for Fannie Mae loans were recently updated in the latest Servicing Guide Announcement SCV for 2016-2017. The changes reflect Fannie Mae Streamlined Modifications, Government Mortgage Loan Modifications, Processing a Workout Incentive Fees, and Allowable Foreclosure Attorney Fees. (more…)

Mortgage servicers can’t hide behind their bad computer systems

Mortgage servicers can’t hide behind their bad computer systems

Mortgage servicers can’t hide behind their bad computer systems or outdated technology. There are no excuses for not following federal rules.” – Richard Cordray, Director, CFPB

The Consumer Financial Protection Bureau (CFPB) reported this week that many mortgage servicers are using outdated or deficient technology, resulting in technological breakdowns or malfunctions that are adversely affecting homeowners and violating CFPB rules that went into effect in January 2014. (more…)

Wells Fargo Agrees to Pay $70 Million Fine for Mortgage Servicing Abuses

Wells Fargo Agrees to Pay $70 Million Fine for Mortgage Servicing Abuses

Wells Fargo & Co. has agreed to pay $70 million to the U.S. Treasury as a civil penalty for mortgage servicing violations.

The Office of the Comptroller of the Currency (OCC) also terminated its mortgage servicing-related order against Wells Fargo after determining the bank is in compliance with the order. The termination lifts the June 2015 OCC imposed business restrictions, which includes providing or offering remediation to borrowers who received an incorrect loan modification denial. (more…)

Cummings and Warren Release GAO Report Highlighting Dramatic Growth of Nonbank Mortgage Servicers

Cummings and Warren Release GAO Report Highlighting Dramatic Growth of Nonbank Mortgage Servicers

Members Urge CFPB to Implement GAO Recommendation to Strengthen Regulatory Oversight

(Source: Senator Warren) Washington, DC – Yesterday, United States Senator Elizabeth Warren (D-Mass.), and Congressman Elijah E. warrenandCummingsCummings (D-Md.), Ranking Member of the House Committee on Oversight and Government Reform, released a Government Accountability Office (GAO)report that documents the dramatic growth of nonbank mortgage servicers and details the need for stronger regulatory oversight of the industry. GAO produced the report in response to a request from Cummings and Warren. (more…)

Appeals Court of Massachusetts Affirms Dismissal of Quiet Title Action

Appeals Court of Massachusetts Affirms Dismissal of Quiet Title Action

(Source: MERSCORP) – MERSCORP Holdings, Inc. today announced that the Appeals Court of Massachusetts ruled in MERS’ favormers lawsuit when it affirmed the dismissal of a quiet title action.

In pdf Gardner v. Mortgage Elec. Registrations Sys., Inc. (306 KB) the plaintiff filed a quiet title action against MERS and alleged that because MERS was merely a nominee of the original lender of the mortgage and never held the note, MERS could not assign the mortgage. (more…)

OCC Terminates Mortgage Servicing-Related Consent Orders Against U.S. Bank and Santander, Issues Civil Money Penalties

OCC Terminates Mortgage Servicing-Related Consent Orders Against U.S. Bank and Santander, Issues Civil Money Penalties

(Source: OCC) WASHINGTON—The Office of the Comptroller of the Currency (OCC) today terminated mortgage servicing-related occconsent orders against U.S. Bank National Association (U.S. Bank) and Santander Bank, N.A. (Santander), and assessed civil money penalties against the banks for previous violations of the orders. (more…)

OCC Terminates Mortgage Servicing Consent Orders Against JPMorgan Chase and EverBank

OCC Terminates Mortgage Servicing Consent Orders Against JPMorgan Chase and EverBank

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The Office of the Comptroller of the Currency (OCC) said on Tuesday that they are terminating the mortgage servicing complaint orders against both JPMorgan Chase Bank, N.A. (JPMorgan), and EverBank, because they now are in compliance with the orders.

JP Morgan will pay a $48 million civil money, and EverBank $1 million that will be assessed to the U.S. Treasury. (more…)