mortgage servicers: Ocwen is the Loan Modification Leader in Federal HAMP Program - 06/25/10 03:56 PM
Ocwen Financial Corporation, servicer of subprime mortgages, continues to direct the industry in main routine metrics under the government’s Home Affordable Modification Program (HAMP).
The U.S. Treasury’s just-released HAMP record card verifies Ocwen’s better performance on three critical fronts: % of trial modifications changed into permanent solutions, aging of trial modifications and a new metric initiated in this report card, “Trial Length at Conversion (months).”
The report card shows Ocwen’s Trial Length at Conversion is three months, significantly faster than the four to over seven months accounted for the larger banks that are HAMP servicers. A three-month trial length is certainly … (0 comments)
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mortgage servicers: Countrywide Will Pay $108 Million for Overcharging Struggling Homeowners; Loan Servicer Inflated Fees, Mishandled Loans of Borrowers in Bankruptcy - 06/07/10 08:13 PM
Two Countrywide mortgage servicing companies will pay $108 million to settle Federal Trade Commission charges that they collected excessive fees from cash-strapped borrowers who were struggling to keep their homes. The $108 million represents one of the largest judgments imposed in an FTC case, and the largest mortgage servicing case. It will be used to reimburse overcharged homeowners whose loans were serviced by Countrywide before it was acquired by Bank of America in July 2008.
Mortgage servicers are responsible for the day-to-day management of homeowners' mortgage loans, including collecting and crediting monthly loan payments. Homeowners cannot choose their mortgage servicer. In … (0 comments)
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