Servicing

Rep. Elijah Cummings, D-Md., is urging the House Committee on Oversight and Reform to investigate why regulators abruptly ended the independent foreclosure review and settled with banks last year.

A key point of contention is the 10 basis point user fee that the proposed Federal Mortgage Insurance Corp. would charge to support affordable housing efforts.

Companies specializing in single-family rentals say the population of renters is growing – and many of these consumers (including a number of former homeowners) are happy to rent.

By addressing concerns about how distressed loans are resolved, banks and non-banks alike can make a virtue out of necessity and regain the trust of policy makers and the public.

As servicers began modifying staggering numbers of mortgages, they took control and implemented stringent underwriting practices that will serve as a model for all mortgage underwriting in the future.

LRES has updated its DirectConnect platform designed to accelerate the valuation ordering process.

With an increasing industry and regulatory emphasis on streamlined communication with borrowers, servicers should evaluate every opportunity to build efficiencies into their processes.

Brokers of servicing rights say the overall market remains robust, despite suggestions by Ocwen's William Erbey last week that trades had ground to a halt. Trading of seriously delinquent portfolios has slowed on concerns about increased liability.

Mortgage delinquency and foreclosure rates in March declined to levels not seen in at least six years, according to data from Black Knight Financial Services.

Regulator Benjamin Lawsky is concerned that Hubzu, a website run by Ocwen's Alitsource affiliate, charges inflated fees "through conflicted business relationships" at the expense of mortgage investors and strapped homeowners.