Servicing

There are people creating a lot of unrealistic scenarios about market risk.

The largest concerns are with pandemic risk and defaults, along with business resilience and adaptability, according to a Wolters Kluwer survey.

The November foreclosure rate represented an 80% decline from the year before, according to Attom Data Solutions.

The problem in the sector boils down to a lack of portability of data, whether it’s digital or contained in documents, that can be trusted between parties, LoanLogics Chief Product Officer Dave Parker argues.

The Consumer Financial Protection Bureau has taken a hands-off approach to servicers during the pandemic. But with forbearance plans set to expire and President-elect Biden likely to appoint new CFPB leadership, companies lacking aggressive plans to help borrowers could face tougher enforcement.

While distressed mortgage rates crept down overall, serious delinquencies still tripled year-ago rates in September, according to CoreLogic.

The three companies agreed to pay a total of $74 million in remediation.

The surge of COVID-19 cases slowed economic recovery and hampered improvements in the forbearance rate, according to the Mortgage Bankers Association.

The complaint dates back to 2014 state regulator examinations when the Dallas company was known as Nationstar.

Lower cure rates and possible rises in foreclosures and claims could force these companies to raise capital next year, Fitch Ratings said.