There needs to be a healthy dose of mortgage servicing-centric common sense injected into the regulatory compliance patient. Unfortunately, common sense is in short supply these days, particularly within the bloated bureaucracies in, and associated with, all things governmental.
Industry Leaders LPS and KMC Information Systems Form Strategic Alliance
Integration of LPS Technologies and CaseAware Case Management System Will Improve Foreclosure Processing Efficiency and Transparency
Lender Processing Services, Inc. (NYSE: LPS), a leading provider of integrated technology, data and analytics to the mortgage and real estate industries, and KMC Information Systems (KMCIS), the leading provider of case management and integration technology to law firms and trustees, have formed a strategic alliance that will more fully integrate select LPS technologies with KMCIS’ CaseAware® platform and create an end-to-end foreclosure processing solution for loan servicers.
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Auction.com acquired real estate technology solutions provider Channel, a move that supports the company’s newest title as the leading online auction marketplace in HW’s 2015 TECH100.
Consumer Financial Protection Bureau Director Richard Cordray goes into the coliseum today at 2:30 p.m. ET but here’s a preview of his opening remarks.
JPMorgan Chase admitted to misfiling more than 50,000 payment change notices in bankruptcy courts that were “improperly signed, under penalty of perjury, by persons who had not reviewed the accuracy of the notices,” and will pay more than $50 million to homeowners as part of a settlement with the U.S. Department of Justice over its mortgage practices.
The Federal Housing Finance Agency’s new requirements for sales of nonperforming loans by Freddie Mac and Fannie Mae were based on two pilot sales. These are the details to one of those transactions.
Ocwen isn't going away but it is undergoing a transformation. Here's what analysts think now and why they don't know what to think going forward.
CoreLogic's home price index says that January saw home price increases of 5.7% from last year. Here's how it breaks down.
When Ocwen Financial does finally report its yearly financial data, there will be several more negative items in the ledger, and the company is attempting to preemptively alleviate investor concerns by getting out in front of the news. In a press release Monday, the company said that it is expecting its fourth quarter and year-end results to be affected by a $370-$420 million non-cash charge to write-off goodwill.
A gunman walked into a home and opened fire while a real estate agent was showing a home to a married couple, killing the husband. This tragic event is not the first attack on real estate agents but continues to remind agents that they must take care and precautions to protect themselves.
Despite its business taking a hit due to Ocwen Financial’s regulatory troubles, Altisource Portfolio Solutions still reported a 3% increase in net income in 2014, with the company’s income rising from $129.97 million in 2013 to $134.49 million in 2014.
The Lone Star state celebrated its 179th birthday Monday. And looking at the latest housing report from the Texas Association of Realtors, Texas has plenty of reason to brag.
Kofax announced the acquisition of Aia Holding BV, a customer communications management company based in The Netherlands, for $19.5 million in cash. Aia’s customer communications management software will be integrated into Kofax’s TotalAgility offering, and will continue to be offered on a stand-alone basis as well.
San Francisco is often called the canary in the coal mine for housing, and some submarkets look a little bubbly. What does it mean? Clear Capital offers one answer.
For some prospective borrowers, saving up 3% for a down payment on a home is still a hurdle they can’t quite clear. However, a new program from BBVA Compass will allow borrowers to put down even less for a down payment.
You can see it from the road, you can see it with a toad. You can see it from a plane, you can see it is not plain. Climbing the steps will make you tire. Click here to see on HousingWire.
The shooting Sunday of a homeless suspect by Los Angeles police officers brought to the forefront again the problem of homelessness and violence, and reiterates why the administration is pushing so hard to reduce the problem.
Freddie Mac sold severely delinquent loans through two transactions in the past six months, totaling approximately $1 billion in unpaid principal balance. From this pilot program, the Federal Housing Finance Agency formed these enhanced requirements for sales of nonperforming loans by Freddie Mac and Fannie Mae.
It turns out that Morgan Stanley is not out of the woods when it comes to trouble with regulators. Far from it, in fact. The company disclosed that it is expecting to be the subject of a lawsuit filed by New York Attorney General Eric Schneiderman over approximately 30 subprime securitizations sponsored by the company.
The board of directors of the Federal Reserve Bank of Philadelphia appointed Patrick Harker as its 11th president and CEO of the Philadelphia Fed, succeeding Charles Plosser, who retired effective March 1, 2015.
Construction spending slowed down in January, and it wasn't just the weather at work. Here's what happened.
Nonbanks have been in the barrel in the last week, and now it's Walter Investment and Nationstar's turn. Here's what's happening.
Ginnie Mae is in trouble, but not because of its core mortgage business. Also, signs that the housing and mortgage finance space may be slowing aren’t troubling non-agency MBS analysts, while Credit Suisse is battening down the hatches. Here’s the scoop.
Fannie Mae released its Collateral Underwriter program to lenders in January, and the industry reaction has been varied and intense.
The real no-brainer, however, is to look at how the bank performed in the last downturn. Invest in one that not only didn’t need a bailout but one that didn’t take major risks for the sake of short-term versus long-term gains.
Wow! That was our reaction to the response we received for this year’s HW TECH100 call for nominations. This year, more than 250 companies submitted a nomination, and we’re grateful for the interest in our efforts with this unique program.
Johnson’s lawsuit states that while Hardwick was attempting to secure those loans, the Wittstadts entered into secret negotiations with Fidelity National Financial to bail out the firm “in order to prevent a disastrous national impact on the housing market should the escrow account misappropriations become public before the Wittstadts could cover everything up.”
When lenders have to justify and document every decision, it really raises the bar for compliance. Those that are still trying to handle compliance manually or by using multiple, disparate systems as a work-around are going to find it difficult to meet new requirements. The CFPB’s new TILA-RESPA Integrated Disclosure (TRID) rule will only exacerbate this situation, according to Vong.
In the tech world a “stack” refers to all the elements of something. For the mortgage industry, the idea of the single stack is that one platform (digital, automated and based in the cloud) can either meet all of the functional requirements involved in assembling a mortgage, or can serve as an efficient moderator for the process via open APIs (application programming interface), which are now taking off within the mortgage industry.
Nothing reeks of hypocrisy more than the regulator ignoring regulations, but the CFPB has racked up plenty of violations in the last year. And we’re not talking about small, nitpicky examples, but instances that have real-life consequences. If a lender or servicer were to violate any of these standards, they could expect swift and harsh punishment from the CFPB.
A Saudi prince on New York’s Upper West Side is listing his roughly 10,500-square-foot triplex apartment for $48.5 million. And the real perk is what is included in the apartment.