Mortgage servicers Tag

CFPB Issues New Guidelines for Loan Modification Procedures

The Consumer Financial Protection Bureau recently issued new regulations governing loan modification procedures, which went into effect on January 10, 2014. With few exceptions, these rules must be complied with by all mortgage servicers. And homeowners now have a clear ability to sue their servicers...

How Ocwen’s $2.1B Settlement Affects Massachusetts Homeowners

Recently we've had a lot of questions from borrowers regarding Ocwen's $2.1B settlement and how specifically it impacts them, if at all. Included in this post is some background and specific information on how the details of the settlement may affect you. In 2012, the nation’s...

Massachusetts Issues New Mortgage Servicing and Foreclosure Regulations

The Massachusetts Division of Banks has issued rules regulating the conduct of banks and mortgage servicers. The regulations re-emphasize previous requirements, such as providing timely responses to payoff requests, and not foreclosing without legal authority to do so. The regulations are effective October 11, 2013. In...

Consumer Bureau Issues New Mortgage Servicing Guidelines

The Consumer Financial Protection Bureau has issued regulations for what banks and mortgage servicers are required to do when servicing homeowners’ mortgages. These changes will be effective on January 10, 2014. First, servicers will be required to send monthly or periodic mortgage statements. Although most homeowners...

Appeals Court Rules in Favor of Massachusetts Homeowner

Reviewing a Massachusetts homeowner’s trial loan modification agreement with her mortgage bank, an appeals court ruled in Young v. Wells Fargo Bank, N.A. (Case no. 12-1405) that the homeowner was entitled to a permanent loan modification. The homeowner’s loan modification was offered under the federal Home...

Bank of America Headed to Trial For Wrongful Foreclosure

In a recent decision on the HAMP loan modification program, a magistrate judge of the US District Court for Massachusetts ruled that homeowners who were foreclosed on while under consideration for a loan modification may proceed with a lawsuit against Bank of America. Bank of America...

My Friend Got a 2% Loan Modification, Why Didn’t I?

My Friend Got a 2% Loan Modification, Why Didn’t I? The simple answer is that every loan modification is different – starting with the mortgage loan you had to begin with. It is likely that the terms of the original mortgage you received are different than...

Coakley Takes On MERS Foreclosure Fraud

This week, Massachusetts Attorney General Martha Coakley escalated her investigation into foreclosure fraud from MERS, a company who oversees 60 percent of United States loans. The purpose of this investigation is to see of Mortgage Electronic Systems Inc., is violating Massachusetts foreclosure laws. State and federal...