Servicing

Franklin Credit Management Corp. agreed to pay $300,000 to Massachusetts and not sell its portfolio of state loans to a different servicer.

The order by the judge, who had previously dismissed part of the original loan modification-related claims, shortens the legal process for allegations that remain.

The deal reunites the executive that heads up Securent Risk Retention Group with former colleagues and allows SitusAMC to support growth for other business lines.

The arrangement complements the publicly traded nonbank lender's acceleration of other activity in the servicing space and builds on other business with the REIT.

President Biden's initial disaster declaration made mortgage and other federal assistance available to residents across three Southeastern states.

Onity, the company formerly known as Ocwen, is adjusting its joint venture servicing investment vehicle and has taken other steps with the goal of deleveraging.

The disaster underscores Americans' dangerously low levels of flood insurance coverage, especially away from coastal areas. 

Specialized Loan Servicing allegedly charged borrowers $7.50 for processing mortgage payments made by phone. Most servicers, including Newrez, have axed this fee.

The 13 largest homeowners insurance underwriters denied almost half of their climate-related claims last year, adding to property owner and mortgage servicer woes.

Mortgage bankers feared a proposal related to lenders' access to a major secondary market and related reporting was too harsh. They're eyeing a redraft closely.