Tag: servicing rules

Qualified Written Requests Under the New Mortgage Servicing Rules, Part Two: Information Requests
By February 23, 2014 0 Comments Read More →

Qualified Written Requests Under the New Mortgage Servicing Rules, Part Two: Information Requests

In Part One, we reviewed the essential provisions of the new mortgage servicing rules for resolving errors. In Part Two, we will look at the requirements for requesting information about a loan from the servicer. The new rules became effective January 10, 2014. Even if the borrower is not asserting an error, a borrower is […]

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Qualified Written Requests Under the New Mortgage Servicing Rules, Part One: Error Resolutions
By February 23, 2014 1 Comments Read More →

Qualified Written Requests Under the New Mortgage Servicing Rules, Part One: Error Resolutions

New rules issued by the Consumer Financial Protection Bureau went into effect on January 10, 2014. Those rules include detailed guidelines for submitting and responding to qualified written requests under RESPA. There are two types of qualified written requests: notices of a servicing error and requests for information. The rules vary for each type of […]

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Loss Mitigation Under the New Mortgage Servicing Rules
By February 21, 2014 1 Comments Read More →

Loss Mitigation Under the New Mortgage Servicing Rules

On January 10, 2014, new mortgage servicing rules promulgated by the Consumer Financial Protection Bureau went into effect. Among other things, the new rules include detailed requirements for loss mitigation. If a servicer violates the loss mitigation provisions, a borrower may sue for damages, costs, and attorney fees. Whatever their shortcomings, the rules are the […]

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Servicing Transfers and Pending Loan Modifications: What To Do When Your Mod Gets Lost in the Shuffle
By July 22, 2013 3 Comments Read More →

Servicing Transfers and Pending Loan Modifications: What To Do When Your Mod Gets Lost in the Shuffle

In the past year, there has been a massive sell-off of mortgage servicing rights (MSRs), especially for nonperforming loans. In some cases, the transferor retains ownership of the MSRs and merely transfers subservicing to a new servicer. For example, in January 2013, Bank of America and Fannie Mae reached an agreement to transfer servicing for […]

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Mortgage Servicers Fail To Timely Resolve or Report Tens of Thousands of Escalated Cases
By April 17, 2013 1 Comments Read More →

Mortgage Servicers Fail To Timely Resolve or Report Tens of Thousands of Escalated Cases

In late March, the Office of the Inspector General for FHFA, the agency that oversees Fannie Mae and Freddie Mac, issued a report on Freddie Mac’s oversight of mortgage loan servicers. In a nutshell, OIG found that servicers are failing to resolve escalated cases as required and Freddie Mac is failing to oversee those servicers. […]

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Three Things You Need to Know About the CFPB’s New Mortgage Servicing Rules
By January 17, 2013 0 Comments Read More →

Three Things You Need to Know About the CFPB’s New Mortgage Servicing Rules

The mortgage industry has been abuzz the last few days with the issuance of final mortgage servicing rules from the Consumer Financial Protection Bureau. The new rules are designed to curb some of the worst predatory practices of loan servicers, including dual tracking foreclosures and force-placing unnecessary insurance. Consumer advocates have praised the new rules […]

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