But I'm sure it doesn't seem that way for PHHMortgage (formerly Ocwen), which is once again facing legal challenges. This time a group of state attorneys general are opposing a proposed class action settlement that would permit PHH to profit from mortgage payment processing fees made by phone or online and would allow PHH to increase the fees for the remaining life of the loan.
Interestingly, the motion against the company was brought by 33 state attorneys general, serving as another example of the power of coordinated state action against a mortgage lender.
In 2017, more than 20 state mortgage regulators issued cease-and-desist orders to Ocwen, prohibiting it from originating loans or acquiring new mortgage servicing rights. And that was after it had complied with a painful 2014 agreement with the New York Department of Financial Services to pay $150 million to homeowners for servicing violations. While that seems like a small amount given today's $4 trillion origination market, that was pretty significant in the housing market of 2014.
This newest action shows once again that state regulators are a force to be reckoned with, even with a "newly reinvigorated"CFPB at the federal level.
If mortgage servicers aren't careful, they're going to hear that Sonny and Cher song on repeat.
Today's Mortgage Desk segment of HousingWire Daily features an interview with Housing Policy Council President and former director of the Federal Housing Finance Agency Ed DeMarco. In this episode, DeMarco talks about the Biden administration's plans as homeowners come out of forbearance and its focus moving forward.
Nomis Mortgage provides real-time market & competitive intelligence for lenders to make data-driven decisions by analyzing more than 40 million records a day from over 350 lenders. We turn noise into meaningful data for better margin management and pricing strategy. Learn more!
Dale Vermillion discusses how mortgage lenders can best adjust their businesses during periods of growth and how they can also support their staff during tumultuous times.
HousingWire recently spoke with Brian Simon, president of Trelix Mortgage Fulfillment Services, about how Trelix helps its clients work more efficiently while still maintaining compliance and performing due diligence. Presented by Altisource
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