The DBO request for proposal asks that applicants for the Ocwen contract state whether they – or any affiliates – have done any consulting work for the servicer.
Wells Fargo and JPMorgan Chase reached a financial settlement with the Consumer Financial Protection Bureau and the Maryland attorney general last week over allegations related to illegal mortgage kickbacks involving some of their loan officers and Genuine Title, a title company based inMaryland that went out of business last spring. The two government agencies are seeking civil penalties of $24 million from Wells Fargo and $600,000 from JPMorgan Chase. They also want $10.8 million from Wells and $300,000 from JPMorgan Chase in redress for consumers whose loans were involved in the marketing arrangement at issue. The CFPB and the Maryland AG also took action...
Not only have nonbank lenders steadily increased their production market share the past two years, but their loan officers, in general, earn more money on a per unit basis than their depository counterparts. At least that was the finding of several interviews conducted by Inside Mortgage Finance during January. “Banks are tiered 50 to 100 basis points [per loan] with qualifiers,” said Paul Hindman, managing director of business development for Grid Financial. “Nonbanks are tiered 75 to 175 basis points with qualifiers.” And LOs who work for net branch operators can earn...
"Contrary to the fable told by the left, the root cause of the financial crisis was not deregulation but dumb regulation," said House Financial Services Committee chairman Jeb Hensarling, R-TX.
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