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At least two mortgage servicers say they are close to being released from an OCC enforcement order that required 14 of the nation’s largest bank servicers to fix flaws in their foreclosure reviews. But the OCC says it has set no timetable for freeing any of the banks from the 2011 order.
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Despite regulatory constraints on servicing transfers that affect large players, increased compliance costs and capital ratio requirements are a bigger burden for smaller servicers to bear.
A plea for the Federal Housing Administration official to finish clarifying the rights of spouses unnamed on Home Equity Conversion Mortgages before she leaves office.
PennyMac became the third largest correspondent aggregator after banks turned their back on the mortgage origination channel. With banks now increasingly shedding servicing rights, PennyMac is poised to make a similar play in servicing.
Not every distressed borrower can, will or should get a modification. But in cases where they make sense, mod decisions should be swift and significant.
Moody's Investors Service downgraded two servicer ratings for Ocwen Loan Servicing, reflecting additional scrutiny by regulators and concerns about the nonbank mortgage servicer's ability to ensure timely payments to bondholders.
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