Boosting Satisfaction in the Mortgage Process
Can you be too good at customer service? Andrew Marquis of CrossCountry Mortgage thinks loan originators’ strong skills are making people expect more from mortgage servicers.
AG Sees $10M Relief in ‘Zombie Mortgage’ Settlement
Mortgage servicer Franklin Credit Management Corporation will cease collecting more than $10 million in mortgage debt in Massachusetts as part of a settlement agreement with Attorney General Andrea Campbell, officials announced Thursday.
Mortgage Servicers’ Digital Tools Driving Satisfaction
According to J.D. Power, improvements in digital tools and customer service are increasing homebuyers’ satisfaction.
LoanDepot Settles with State for $1M Over Servicing License
California-based mortgage company loanDepot has agreed to a $1 million settlement with the Massachusetts Division of Banks over allegations that it acted as a third-party mortgage servicer without registering with the state.
Wells Fargo to Exit Correspondent Lending, Shrink Servicing
Wells Fargo plans to reduce the size of its mortgage business, making changes that the bank said would see its home lending business focus on bank customers and minority communities.
Mortgage Servicing Company Settles With AG’s Office
A South Carolina-based mortgage servicing company has agreed to settle with the Massachusetts attorney general over allegations that the company did not follow state requirements to help homeowners avoid foreclosure.
Mortgage Servicer to Pay $3.7M in Settlement with AG’s Office
Texas-based Fay Servicing LLC has agreed to settle with the Massachusetts attorney general over allegations that the national mortgage servicer engaged in unfair and deceptive conduct with borrowers.
J.D. Power: Mortgage Servicer Transfers Affects Customer Satisfaction
Transferring mortgages from one servicer to another leads to more dissatisfied customers who lack trust in both companies, according to a study from J.D. Power.
CFPB Exams Find Fair Lending, Mortgage Servicing Violations
Some mortgage lenders have violated fair housing laws by discriminating against African Americans and women when granting pricing exceptions, according to a report from the Consumer Financial Protection Bureau.
Regulators End COVID-Related Relief for Mortgage Servicers
More than 18 months after financial regulators said they would not take action against mortgage servicers for failing to meet certain timing requirements when working with borrowers, this COVID-related regulatory relief has ended.
J.D. Power: Satisfaction With Mortgage Servicers Increased During Pandemic
While a combination of relief efforts and pivots to digital solutions helped mortgage servicers earn high levels of customer satisfaction during the pandemic, much of that improvement in satisfaction came from non-bank companies that have started to gain an edge over bank lenders, according to a recent study from J.D. Power.
FHFA Prohibits Most Foreclosures Before CFPB Rules Take Effect
Despite a one-month gap between the end of the foreclosure moratorium and the start of new regulations to protect homeowners, mortgage servicers will not be able to begin foreclosure proceedings this year for most borrowers with loans backed by Fannie Mae or Freddie Mac, the Federal Housing Finance Agency said in a statement Tuesday.
Envision Bank Outsources Mortgage Servicing
Envision Bank has partnered with an Illinois-based company to manage the bank’s mortgage subservicing business.
Mortgage Servicer to Pay $4M to Settle Claims it Failed to Help Avoid Foreclosures
A national mortgage servicing company will provide $4 million in relief for Massachusetts residents to settle allegations that it failed to help homeowners avoid foreclosure.
