Scrap Basel for Servicers' Sake, MBA Chair-Elect Says
The Basel III capital requirements are making it hard for banks to stay in the servicing business, said David Motley, president of Colonial Savings. Their exodus from the market indirectly hurts consumers, he argued.  more »
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The mortgage servicer will pay at least $25 million in cash and provide some $200 million in debt relief to borrowers to resolve a range of alleged violations. But Ocwen will also be allowed to resume acquiring servicing rights in the nation's largest state.
State mortgage regulatory examinations are focusing on systemic issues and using their broad authority under the Dodd-Frank Act to enforce the Consumer Financial Protection Bureau's servicing rules.
Mortgage industry hiring and new job appointments for the week ending Feb. 17.
When Pam Harrington bought the beachside house in Port Orange, Fla., in December 2004, she figured she got it for a steal at $230,000.
Fannie Mae reported higher net income in the fourth quarter over the previous year.
The developers of new loan-modification programs need to streamline application processes and stop making borrowers chase down useless documents.
Phyllis Caldwell has put a priority on ensuring the company's board and workforce look more like the borrowers whose mortgages it services.
Fannie Mae is making technological updates and implementing policy and operational changes as part of an effort to improve servicing.
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