National Mortgage News (Servicing) RSS

• DOJ targets servicers who skip 6% military loan rate cap

  Servicers have a responsibility to lower some servicemembers' pre-service debt rates and the Department Justice just showed it's watching for compliance.

• Servicers face new California insurance reporting requirement

  The move is aimed at protecting homeowners after numerous complaints of delayed insurance disbursement and other problems, with the first reports due Oct. 29.

• Middle-income strain lifts GSE workouts; staff loss mit now

  A short-term increase in modifications and other foreclosure alternatives brought delinquencies down according to the Federal Housing Finance Agency.

• Servicers must watch non-QM as negative outcomes grow

  While positive results, including cures and resumed payments, still outpace the poor ones, the gap in the most recent dv01 study narrowed from 12 months prior.

• Escrow violation shows why lenders must prioritize bookkeeping

  Wyoming-based Wallick & Volk faces suspension of its California license after regulators found the lender commingled escrow funds with its general account.

• Consumers put another servicer on watch with lawsuit over fees

  Homeowners say Roundpoint assessed them numerous fees in violation of their mortgage contract and state law, including a "broker price opinion" charge.

• Basel may encourage more nonbank mortgage lenders to go bank

  Proposed changes to the risk weightings assigned to certain assets could encourage more nonbank mortgage firms — particularly those with large servicing portfolios — to seek out bank charters.

• Rising inflation drives requests for foreclosure advice

  For servicers of all types of loans, the numbers might raise warnings about rising workloads in the months ahead, according to LegalShield.

• Pathfinders share ways to handle hurdles in servicing rules

  Mandatory implementation dates are nigh for new escrow reporting and partial claim policies, and two early adopters are sharing tips for these transitions.