Loan modifications

Mortgage borrowers filed a third amended class action complaint against the bank over modification issues from 2010 to 2015.

The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.

The order in the Cenlar loan modification case highlights what courts may look for in qualified written request responses, something other servicers like Specialized Loan Servicing also are contending with in litigation.

Deferrals are up but still haven't outpaced loan modifications in conservatorship-era foreclosure prevention, according to the Federal Housing Finance Agency.

The plaintiffs allege that the loan-mod errors in the case are different from the ones in two other proposed class-action lawsuits, which stem from a systems issue.

The accused, affiliated with Home Matters USA, reportedly took money from the victims and never delivered on the promised services.

The Federal Trade Commission became able to distribute more than $1.2 million after a legal battle in which a Supreme Court decision came into play.

The plan aims to cut monthly payments by roughly 25% for homeowners in government-backed mortgages who are negatively impacted by the pandemic.

The change makes it easier for borrowers exiting forbearance to get access to home retention options that might otherwise be out of reach due to skyrocketing home prices.

Ginnie Mae is allowing lenders to securitize modified home loans with this extended term as the Biden administration works to make more housing options available for struggling borrowers.

The complaint exemplifies the Department of Housing and Urban Development’s focus on “fair servicing” in addition to fair lending.

Though the government-sponsored enterprises have some of the lowest forbearance rates in the market, they expect to contend with a significant population of borrowers who face steep financial setbacks after the pandemic ends.

However, the share of new impairments increased, likely as a result of the high concentration of these loans given to self-employed borrowers.

With an unusually high number of unknowns to factor in, mortgage industry leaders offer a peek at their playbooks for the next year.

In order for investors to gain confidence in the health of the mortgage market and the broader economy, the industry needs a more modern and innovative approach to how we report modifications.

Frank Pallotta sold Wall Street services to lenders and later helped create programs to help underwater borrowers. Now he's running to represent a district both parties fight hard over.

Some homeowners who sought relief as a result of COVID-19 may owe a lump sum when their forbearance period ends, according to a report from the Committee for Better Banks. The group is calling on banks to instead extend the repayment periods for affected customers.

Measures designed to give banks and credit unions more flexibility to help customers weather the coronavirus pandemic are set to expire Dec. 31 unless Congress renews them.

Deferrals on residential mortgages and home-equity loans have been a common theme at JPMorgan Chase, Bank of America, Wells Fargo and Citigroup since the start of the coronavirus pandemic.

Mortgages taken out to fund business operations can now be modified in bankruptcy. That’s a relief to borrowers — particularly with business failures expected to increase as the pandemic drags on — but a possible headache for banks and investors that hold the loans.