Servicing

A cross-training strategy that hasn’t been widely used since the Great Recession is coming back into vogue among outsourcers.

Federal Judge Kenneth Marra for a second time has granted the mortgage company summary judgment in the case brought by the bureau in 2017.

The agency will allow an additional three months of forbearance for multifamily property loans backed by Fannie Mae and Freddie Mac, as long as tenant protections are offered.

While many lenders have verification processes and systems of record in place for their structured data, they lack digital solutions capable of addressing the volume of customer data from documents that create a broad area of vulnerability for them, writes Reggie Twigg, director of digital enterprise at ABBYY.

The servicer owned by Mr. Cooper agreed to pay a penalty for allegedly failing to provide its clients with clear information on foreclosure and defaults.

The rush to refinance led to more errors in January and the shift to more-risky purchase apps will add to lenders' fraud concerns going forward.

While foreclosure moratoria keep the overall numbers down, zombie foreclosure rates jumped in the majority of states, according to Attom Data Solutions.

With extreme winter weather about to give way to ballooning insurance and mortgage forbearance claims in Texas, servicers will need to get through their pipelines with urgency while weeding out fraud.

The agency will allow an additional three months of forbearance for loans backed by Fannie Mae and Freddie Mac, giving homeowners up to 18 months to suspend payments due to the pandemic.

Mortgage companies are working to forge links with homeowners’ insurers to avoid delays that could compound damage to customer service and properties.