Embattled mortgage servicer Ocwen Financial faces up to $26 billion in damage claims by bondholders and a greater risk of being fired as a mortgage servicer on thousands of small, private-label trusts.
Having the extra time for implementation has been helpful because mortgage companies were experiencing difficulties meeting the first deadline for the change in procedure, which affects government-insured reverse mortgages.
Although lenders received some good news via Freddie Mac's February U.S. Economy and Housing Market Outlook, raising the enterprise's 2015 originations forecast from $1.2 trillion to $1.3 trillion, the Aug. 1 TILA-RESPA Integrated Disclosure rule implementation deadline still looms large.
The rate of delinquencies of 90 days or more has trended downward since 2009, but servicing costs have generally been rising, according to the Mortgage Bankers Association. That is not the way it used to work.
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