Servicing

The filing is the first joint action by the Federal Trade Commission and California Department of Financial Protection and Innovation to rely, in part, on the enforcement of the state's 2020 consumer protection law.

Payment suspensions on loans securitized through the government-backed market stopped falling in May, plateaued over the summer, and reversed course last month, according to an industry trade association.

SPS will have roughly 1.4 million mortgages in its portfolio after the transaction closes, something the two companies estimate will occur in the fourth quarter of this year.

Roughly 16% of home loan borrowers likely have education debt, less than one-third of those may be distressed, Mr. Cooper executives told investors at a conference this week.

A piece of legislation cleared the House this week that would allow for so-called "desktop appraisals" on properties financed by government-backed veteran loans.

However, company executives said the treatment of mortgage servicing rights under the new rules going into effect late next year looks likely to lead to some consolidation.

A couple squatted in their foreclosed home since 2009 and are only now being evicted, highlighting stubborn problems in the foreclosure process.

Still near historic low levels, the share of borrowers entering the early stages of delinquency in June increased 0.1 percentage point.

While one analysis finds that publicly traded nonbanks may not be materially affected — contrary to the concerns expressed by Ocwen — Community Home Lenders Association said it could hurt moderately sized lenders.

Also, the percentage of loan-to-value ratios in all buckets above 50% shrunk between the first and second quarter, according to a new CoreLogic report on homeowner equity.