Servicing

Wells Fargo and Citigroup have halted the vast majority of their foreclosure sales in multiple states following the release of new guidance by the Office of the Comptroller of the Currency.

The commission ordered Thomas Richter and Girard Finance Co. to cease discriminatory lending practices and pay a total of $668,951 to seven borrowers for damages plus humiliation and suffering.

Third-party service providers can use review models to evaluate the legal, operational and financial effect of new rules.

New compliance requirements don’t typically inspire the most innovative technology enhancements in the mortgage industry. But the upcoming overhaul of borrower disclosure forms has created an opportunity to re-engineer the way lenders and title companies execute mortgage closings, according to Document Systems Inc. CEO Dominic Iannitti.

In the past two years, 85% of Hispanics were engaged in online banking, compared to 74% of all U.S. households.

After acquiring JPMorgan Chase’s Melbourne, Fla., servicing shop earlier this year, Wingspan Portfolio Advisors is now expanding the functions this facility will provide.

The Department of Housing and Urban Development is coming under pressure from House Republicans to issue a policy that would ban the Federal Housing Administration from refinancing any loans that have been seized by a county via eminent domain.

On May 8, four men were convicted in a California court of defrauding hundreds of victims in a real estate scam that included fraudulently collecting upfront fees for loan modification services.

As a result of the new qualified mortgage rule from the Consumer Financial Protection Bureau, nearly half (44%) of credit unions in a survey indicated they will cease originations of non-qualified mortgages, while another 44% will reduce originations.

The Federal Savings Bank, which is owned and operated by military veterans, has opened its Northeast flagship loan production office in Manhattan.