Servicing

The CFPB issued two rulemakings in 2020 that the financial services industry and consumer advocates hoped would finally clarify key issues over how collectors contact debtors and deal with legacy debts. But both sides want the incoming Biden administration to make further changes.

Industry watchers make their wildest guesses (more or less) about developments in real estate finance that could rock the industry in the upcoming months.

Recipients can’t charge penalties for, or engage in, evictions solely for nonpayment, must provide a written notice of tenant rights, flexibility in repayment and, where applicable, 30-day vacate notices.

The availability of financing hasn’t been an issue to date, but it still could be.

Under the agreement, Oaktree could purchase up to a 4.9% stake in Ocwen when the deal closes, and warrants to purchase an additional 3%.

The FHA’s deadline was extended as part of its latest renewal of other coronavirus-related contingencies. The move follows a request from state regulators to provide ample notice of the forbearance program’s expiration.

The forbearance rate rose behind slowed economic recovery, according to the Mortgage Bankers Association.

The company was accused of sending borrowers erroneous loan modification information between 2014 and 2018.

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.