Ocwen Sees Reverse Mortgage Losses Taper, Big Potential Ahead

On the heels of Ocwen Financial Corporation’s (NYSE:OCN) first quarter losses on its Liberty Home Equity Solutions reverse mortgage business, the non-bank servicer announced losses are dwindling and the company sees future opportunity in reverse mortgage lending. During the quarter, Ocwen originated $1.2 billion of forward loans and $145 million of reverse loans, said Ocwen CFO and […]

CFPB Collects $92 Million For Lending Scheme Victims

The Consumer Financial Protection Bureau (CFPB) and 13 state attorneys general obtained $92 million in debt relief for servicemembers and other consumers harmed by a lending scheme that allegedly targeted military base communities.  THE CFPB has permanently banned Colfax Capital Corporation and Culver Capital, LLC, also collectively known as Rome Finance, from consumer lending after […]

CFPB, FTC Target Foreclosure Relief Scammers in Latest Lawsuits

The Consumer Financial Protection Bureau (CFPB), Federal Trade Commission (FTC) and 15 states have taken legal action against companies who allegedly deceived vulnerable homeowners nationwide through employing deceptive marketing tactics. The CFPB issued three lawsuits against companies that the agency says say collected more than $25 million in illegal advance fees for services that falsely promised […]

Lending Uncertainty Looms as Dodd-Frank Price Tag Tops $21.8 Billion

As the controversial Dodd-Frank Act enters its fifth year of implementation, the law has already reached a price tag of more than $21.8 billion — and one-quarter of the law is still left to implement, a report finds. The American Action Forum (AAF), a policy institute providing research and analysis of policy changes, outlines the […]

CFPB Clarifies Rules For Lending To Same-Sex Married Couples

The Consumer Financial Protection Bureau (CFPB) clarified its rules regarding lending to same sex, married couples. The agency recognizes all lawful marriages valid at the time of the marriage in the jurisdiction where the marriage was celebrated.  CFPB Director Richard Cordray recently issued a memo to lenders explaining the CFPB’s laws, regulations and policies regrading lending to […]

SunTrust Agrees to $320M Settlement to Resolve HAMP Misconduct

SunTrust Mortgage, Inc. could pay up to $320 million in remediation fees under a new agreement to settle claims related to the company’s alleged neglect and mishandling of the federal Home Affordable Modification Program (HAMP). Atlanta-based SunTrust Banks, Inc. (NYSE: STI) reached the recent agreement with the United States Attorney’s Office for the Western District of […]

Maverick Funding Hires Delgado to Reverse Mortgage Wholesale Team

Reverse Mortgage industry veteran Cecilia Delgado is joining the Maverick Funding Corp. team, the Parsippany, N.J.-based direct mortgage lender recently announced. Delgado will act as a wholesale account executive for its Reverse Mortgage Network western region, expanding the Maverick Funding third-party originator (TPO) network throughout the west coast. Reverse Mortgage Network is the reverse division of […]

MSI Reverse Names Dave Cesario VP of Reverse Mortgage Lending

As MSI Reverse looks to continue its expansion along the west coast, the Bloomington, Illinois-based lender announced it has promoted David Cesario to vice president of reverse mortgage lending. With over 16 years of reverse mortgage lending experience, including serving as regional sales leader at MetLife Bank, Cesario formerly served as national sales production manager […]

WSJ: Smaller Banks in Spotlight for Financial Crisis Involvement

Following the completion of cases that led to mortgage-related penalties on big name banks, U.S. housing officials are setting their sights on smaller lenders, The Wall Street Journal reports. “The completion of cases that led to mortgage-related penalties levied on larger banks such as J.P. Morgan Chase & Co. and Bank of America Corp. has […]