Servicing

The agency's rule outlines steps collectors must take to inform consumers about an outstanding debt, and prohibits companies from pursuing lawsuits after a statute of limitations has ended.

The accused, who also faces vehicle title and investment fraud charges, allegedly submitted falsified statements related to the payoff of an earlier mortgage when applying for a new one.

Economic instability during the quarter drove the increase in findings regarding income and employment, Aces Quality Management reported.

The key to preparation today lies in process automation that far surpasses pre-pandemic solutions for default servicing, Clarifire CEO Jane Mason says.

The forbearance rate continued its improvement, but the surge of COVID-19 cases could lead to more borrowers needing mortgage relief, according to the Mortgage Bankers Association.

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.