"We need to deal with this, we need to deal with it effectively and do it quickly," said Bill Erbey, Ocwen's executive chairman, saying the charge could be "materially different" from an actual settlement.
Embattled nonbank servicer Ocwen took a $100 million charge for a potential settlement of foreclosure violations and posted a third-quarter loss, but warned the final cost to settle allegations that it backdated foreclosure notices could be higher.
UNOFFICIAL END? Benjamin Lawsky, superintendent of New York's Department of Financial Services, has not made a formal decision on Wells Fargo's sale of mortgage-servicing rights to Ocwen, but observers said his latest crackdown on Ocwen could spell doom for the deal.
New York banking regulator Benjamin Lawsky's latest crackdown on Ocwen Financial may undo Ocwen's deal to buy billions of dollars of mortgage-servicing rights from Wells Fargo, and it could complicate similar deals involving other banks and servicers.
New products by Fannie Mae will be “competitively priced,” including against FHA, said Timothy Mayopoulos, the CEO of the government-sponsored enterprise.
The recent drop in interest rates has opened the door for lenders to refinance borrowers with high-cost Federal Housing Administration loans into conventional Fannie Mae and Freddie Mac loans.
But the payoff for the agency is that it increases the availability of credit for consumers.
Mortgage lenders are threatening to halt lending on condominiums in Nevada after the state Supreme Court upheld a law allowing homeowners associations to foreclose ahead of first mortgage holders.
Regulators recently offered a rare behind-the-scenes glimpse of what areas they are targeting for enforcement, saying that potential fair lending violations like redlining and how mortgages are priced and serviced remain top priorities for the future.
Already a subscriber? Log in here
Please note you must now log in with your email address and password.