The Department of Housing and Urban Development is increasing its fines on residential servicers that fail to engage in loss mitigation on federally insured residential loans.Under a regulation that goes into effect in late May, HUD can impose fines of up to three times the claim amount of the mortgage. In fiscal year 2003 the average Federal Housing Administration claim was $92,254, which means some fines could be as large as $276,000. Currently, the maximum FHA penalty is $6,500 for each violation -- or $1.25 million for all violations during any one-year period. Victoria Vidal, a senior director for the Mortgage Bankers Association, said the rule "is not one of our favorites" and that such harsh penalties could ultimately "push some firms away from doing FHA servicing." (See the May 2 issue of National Mortgage News for more details.)
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More than 4,000 federal workers received notices Friday that their last day will be Dec. 9.
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The megalender is accusing a nearby brokerage of skirting labor laws and avoiding significant overhead costs in misclassifying hundreds of employees.
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The new platform already counts two businesses as embedded partners, with the rollout coming as mortgage leaders see rising demand coming for DSCR loans.
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CEO Bill Demchak said there seemed to be "some confusion," after PNC's stock fell some 4% on Wednesday.
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Retroactive interpretations have bedeviled mortgage servicers and the market for older loans. The industry will be watching other cases in New York closely now.
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If Experian eventually charges for VantageScore 4.0, it will be offered for at least a 50% discount compared to what Fair Isaac Corp. charges for its FICO score.
October 14