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READY? "We've got a lot of experience of managing the transition from the revolving period to the payment period and we've had reasonably good success," First Horizon CEO Bryan Jordan said.
Banks have made progress cutting their exposure to risky home equity lines of credit, ahead of a key 10-year threshold when billions of dollars of them will reset to higher monthly payments. But there are some prominent exceptions, especially among regional banks.
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Shashank CM is servicing solutions leader at ISGN.
Before the Dodd Frank Act went into effect in 2010, the residential mortgage market was in an entirely different state — particularly in regards to servicing. Several large servicers dominated the market, but ultimately shed most of their servicing assets, creating a substantially large segment of midsize servicers.
California's Department of Business Oversight said Friday that it will drop its effort to suspend Ocwen Loan Servicing's mortgage license in California. The Atlanta servicer had failed for more than a year to provide its California regulator with requested information
Alongside his new tasks as Altisource's chief revenue officer, John Vella will continue his executive leadership role at Equator, its default servicing technology business
Altisource Portfolio Solutions promoted John Vella to the new position of chief revenue officer in a bid to grow beyond its relationship with embattled former parent Ocwen Financial.
While put-backs and litigation risk are widely recognized as factors that have contributed to tight credit conditions, another factor — high servicing costs for nonperforming loans — is being overlooked.
Borrowers who are being sued by lenders over the money owed on foreclosed mortgages are making novel use of the Fair Debt Collection Practices Act. They argue that they cannot be sued if they live in a state different from the one where the property is located.
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