The Consumer Financial Protection Bureau announced this week that an undisclosed number of lenders were found to be improperly disclosing interest-only payments on IO bridge mortgages, in violation of Regulation Z. The CFPB said the inaccurate disclosures were due to a software error as the lenders erroneously included a portion of the monthly payment amount that was to be applied to fees financed into the principal balance ... [Includes six briefs]
Is Onity Group eyeing a sale? Perhaps. And why not? Servicing values are approaching a 25-year high.
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