Dodd-Frank Suffers a Setback With MetLife Decision

Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Government, News About Author: Brian Honea Servicers Navigate the Post-Pandemic World 2 days ago Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Financial Stability Oversight Council MetLife Too Big to Fail 2016-03-30 Brian Honea Previous: Servicers Must Adapt in Order to Survive Next: Banks’ Share of the Servicing Universe is Shrinking Servicers Navigate the Post-Pandemic World 2 days ago A federal judge has issued an order to remove the designation of nonbank systemically important financial institution (SIFI) from MetLife Insurance which was imposed by the federal government more than a year ago.U.S. District Judge Rosemary M. Collyer in the U.S. District Court for the District of Columbia issued the order to remove the nonbank SIFI tag from MetLife. The global insurance provider was originally designated as a nonbank SIFI by the Financial Stability Oversight Council (FSOC) in December 2014 under the authority granted to the council by Dodd-Frank.The court’s removal of the SIFI tag from MetLife is a victory for opponents of the Dodd-Frank Act who claim that the controversial Wall Street reform legislation enables “Too Big to Fail.” The FSOC, like the Consumer Financial Protection Bureau, was created out of the Dodd-Frank Act. While supporters of Dodd-Frank claim that the legislation put an end to the taxpayer-funded bailouts for institutions deemed “Too Big to Fail,” its opponents claim that the law actually codifies “Too Big to Fail” by giving the FSOC the authority to designate certain institutions as “systemically important.”According to reports, other nonbanks to receive the SIFI designation were American International Group (AIG), Prudential Financial, and General Electric. MetLife was the first institution to challenge the SIFI designation.“Of all of the Council’s activities, none generates more controversy than its designation of non-bank financial institutions as ‘systemically important financial institutions,’ or SIFIs. Designation anoints institutions as Too Big to Fail, meaning today’s SIFI designations are tomorrow’s taxpayer-funded bailouts,” said Rep. Jeb Hensarling (R-Texas), Chairman of the House Financial Services Committee, during a hearing in December.MetLife has fought to have the SIFI designation removed since it was named such. The company sued the FSOC in the U.S. District Court for the District of Columbia in January 2015 to have the designation removed because as a nonbank SIFI, MetLife was subject to heightened regulation which the company said increases compliance costs, which in turn increases costs to consumers without any added safety benefit for the financial system. The company even set up a portion of its website devoted to providing a “central point for information related to the judicial review of FSOC’s designation.”In mid-May, the U.S. Department of Justice made a non-public motion to have MetLife’s suit against the FSOC dismissed. MetLife filed a motion for summary judgment with the U.S. District Court in the District of Columbia on June 16. Later in June, the National Association of Insurance Commissioners (NAIC), the American Council of Life Insurers (ACLI), the Academic Experts in Financial Regulation (AEFR), and the U.S. Chamber of Commerce all filed briefs backing MetLife’s attempt to have the SIFI tag removed. Related Articles Home / Daily Dose / Dodd-Frank Suffers a Setback With MetLife Decision Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe Demand Propels Home Prices Upward 2 days ago March 30, 2016 1,919 Views Dodd-Frank Suffers a Setback With MetLife Decision Demand Propels Home Prices Upward 2 days ago Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Financial Stability Oversight Council MetLife Too Big to Fail The Best Markets For Residential Property Investors 2 days ago  Print This Post The Week Ahead: Nearing the Forbearance Exit 2 days ago read more

Consumer Credit Default Rates Paint Mixed Picture

first_img Demand Propels Home Prices Upward 2 days ago About Author: Brian Honea Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Related Articles The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Consumer Credit Default Rates Mortgage Defaults S&P/Experian Consumer Credit Default Indices 2016-04-19 Brian Honea Consumer Credit Default Rates Paint Mixed Picture Previous: Counsel’s Corner: The Battle Over GSE Profits is Raging Next: Why Will Principal Reduction Benefit So Few Borrowers? Home / Daily Dose / Consumer Credit Default Rates Paint Mixed Picture Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img Mortgage default rates declined and outstanding mortgage balances were well below their 2008 peak in March 2016, according to the March 2016 S&P/Experian Consumer Credit Default Indices (SPICE Indices) released on Tuesday.The composite default index, which consists of the first and second mortgage default rates, the auto loan default rate, and the bank card default rate, dropped by four basis points from February to March (0.97 percent to 0.93 percent) and by 12 basis points over-the-year in March.The first mortgage default rate declined by seven basis points over-the-month and by 15 basis points over-the-year in March down to 0.77 percent. The second mortgage default rate of 0.59 percent in March represented a decline of one basis point over-the-month and an increase of nine basis points over-the-year.The auto loan default rate slightly declined both over-the-month and over-the-year down to 1.02 percent. The huge increase was seen in the bank card default rate, which was down by seven basis points over-the-year but up by 36 basis points over-the-month to 2.92 percent.“The continuing low rates of consumer credit defaults in mortgages, auto, and bank card loans are positive signs for the economy,” said David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices. “Large mortgage debts followed by rapidly rising defaults in all kinds of consumer credit were key causes of the financial crisis. Conditions today are much improved; not only are defaults down, but outstanding mortgage balances were about 12 percent below the peak seen in the first quarter of 2008. Debt service ratios are close to the record lows set in the last two years as well. This all suggests that consumer spending should continue to support modest economic growth.”The increasing bank card default rate and the declining mortgage rate tell different stories about consumers’ borrowing patterns, according to Blitzer. For starters, the bank card default rate has been both greater and more volatile than mortgage default rates.“While bank card balances and defaults saw increases, consumer prices were flat, indicating that the growth in balances reflects increased spending,” Blitzer said. “Mortgage balances barely grew even though home prices, as measured by the S&P/CaseShiller Home Price Index, are rising 5 to 6 percent annually. The substantial majority of home sales are of existing homes, which means mortgages are being paid off at the same time new mortgages are being written.” The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, News  Print This Post Tagged with: Consumer Credit Default Rates Mortgage Defaults S&P/Experian Consumer Credit Default Indices Data Provider Black Knight to Acquire Top of Mind 2 days ago April 19, 2016 3,095 Views The Best Markets For Residential Property Investors 2 days ago Share Save Servicers Navigate the Post-Pandemic World 2 days ago Subscribelast_img read more

Rubin Lublin Announces New Partner

first_imgSign up for DS News Daily Demand Propels Home Prices Upward 2 days ago Previous: The Week Ahead: Pending Home Sales Forecast Future Trends Next: For 2018 Forecast, Freddie Mac Looks to the Past in Featured, News February 26, 2018 1,840 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save The Best Markets For Residential Property Investors 2 days ago HOUSING mortgage 2018-02-26 Nicole Casperson Subscribe The Best Markets For Residential Property Investors 2 days ago Nicole Casperson is the Associate Editor of DS News and MReport. She graduated from Texas Tech University where she received her M.A. in Mass Communications and her B.A. in Journalism. Casperson previously worked as a graduate teaching instructor at Texas Tech’s College of Media and Communications. Her thesis will be published by the International Communication Association this fall. To contact Casperson, e-mail: [email protected] Rubin Lublin Announces New Partner Tagged with: HOUSING mortgagecenter_img Servicers Navigate the Post-Pandemic World 2 days ago Is Rise in Forbearance Volume Cause for Concern? 2 days ago Rubin Lublin, LLC (RL) recently announced that Bret J. Chaness has been elected as a Partner at the firm. Chaness concentrates his practice in the areas of real estate, mortgage default, and bankruptcy litigation.RL is a full-service mortgage default law firm delivering professional results and personalized service to its clients in the states of Georgia, Tennessee, Mississippi, and Alabama. Chaness is based in the firm’s Peachtree Corners, Georgia office.Chaness represents clients in a wide variety of complex civil litigation and bankruptcy matters involving contract disputes, real estate and quiet title actions, and lien priority actions.Chaness has been clerking at the firm since his second year of law school and, while a law student, he won the Exemplary Real Property Law Student Award from the State Bar of Georgia and was a member of the Emory Moot Court Society, competing in the Jessup International Law Moot Court Competition. Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago About Author: Nicole Casperson Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post Home / Featured / Rubin Lublin Announces New Partnerlast_img read more

Creating Better Diversity Practices in Mortgage Servicing

first_img The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago About Author: Seth Welborn Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago On May 6-7, The American Mortgage Diversity Council (AMDC) will host the 2020 Five Star Diversity Symposium. Featuring powerful presentations and collaborative roundtable discussions, the Five Star Diversity Symposium will serve as a platform for industry leaders to advance the diversity dialogue and promote truly inclusive business practices to the benefit of individuals, their organizations, and the industry. Join us in New Orleans, Louisiana for this critical event focused on creating lasting solutions that encourage growth in diversity and inclusion practices.In this Video Spotlight, AMDC Chair Lola Oyewole, VP, Human Resources and Chief Diversity and Inclusion Officer, Ocwen Financial Corporation, and tells you why you don’t want to miss this event.You can learn more about Converge at the official website, or click here to register now. Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily in Daily Dose, Featured, News Previous: Wells Fargo Reaches $3B Settlement with DOJ and SEC Next: The Week Ahead: Tracking Housing’s Economic Role Home / Daily Dose / Creating Better Diversity Practices in Mortgage Servicing AMDC Diversity 2020-02-21 Seth Welborn Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img Creating Better Diversity Practices in Mortgage Servicing  Print This Post The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago February 21, 2020 1,985 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Share Save Tagged with: AMDC Diversity Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. last_img read more

CFPB Issues CARES Act Forbearance Guidance

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago The Consumer Financial Protection Bureau (CFPB) and the Conference State Bank Supervisors issued joint guidance to mortgage servicers clarifying the forbearance provision of the Coronavirus Aid, Relief and Economic Security (CARES) Act.Section 4022 of the CARES Act permits a borrower with a federally backed mortgage loan who is experiencing a financial hardship due to COVID–19 to request forbearance from his or her lender. Upon receiving the borrower’s attestation regarding his or her financial hardship, lenders and servicers are required to grant forbearance for up to 180 days regardless of delinquency status. The joint guidance seeks to clarify observed or anticipated actions by mortgage servicers concerning this provision.The statutory language allows for a forbearance period of “up to” 180 days. Servicers can grant forbearance for less than 180 days at a borrower’s request or with a borrower’s consent. If a borrower and servicer cannot agree on an appropriate forbearance term or servicer cannot reach the borrower due to the circumstances, servicers must default to the term requested by the borrower or 180 days.Borrowers do not need to prove financial hardship to qualify for forbearance. The exclusive requirement for forbearance under the CARES Act is the borrower’s attestation of hardship. Accordingly, servicers may not require information supporting the need for forbearance, but they may work with borrowers to better understand their financial situation as long as borrowers are not misled or dissuaded from seeking forbearance and any information obtained does not affect the servicer’s forbearance.Additionally, servicers and originators cannot refuse to provide forbearance if requested in accordance with the CARES Act Examiners will evaluate communications between borrowers and their servicers or originators to see if servicers attempted to steer borrowers away from requesting CARES Act forbearance.Examiners will review mandatory closing attestation to see if originators are requiring statements from borrowers designed to dissuade them from later requesting CARES Act forbearance. About Author: Seth Welborn Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Government, Market Studies, News Previous: Fed: No Change in Interest Rates Until Economy Recovers Next: Addressing the Widening Housing Gap Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago CFPB Issues CARES Act Forbearance Guidance June 10, 2020 1,966 Views center_img Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Share Save Servicers Navigate the Post-Pandemic World 2 days ago Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. Sign up for DS News Daily Home / Daily Dose / CFPB Issues CARES Act Forbearance Guidance Tagged with: Forbearance mortgage Data Provider Black Knight to Acquire Top of Mind 2 days ago Forbearance mortgage 2020-06-10 Seth Welborn Subscribelast_img read more

Fitch Ratings on Servicer Performance: ‘It Showed Resilience’

first_img The Best Markets For Residential Property Investors 2 days ago Related Articles Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago January 12, 2021 985 Views Bank servicers experienced a modest decline of about 6% in active forbearance agreements as a percentage of all loss mitigation plans while non-bank servicers reported a decline of about 10%—that’s one takeaway from the Q3 U.S. RMBS Servicer Metric Report from Fitch Ratings, which tracks servicer performance data.The report also revealed that loan modifications as a percentage of all loss mitigation alternatives increased for both bank and non-bank servicers from last quarter as some initial forbearance relief periods expired, Fitch reported this quarter, adding that borrowers on a repayment plan continue to trend downward as a percentage of all loss mitigation alternatives, year over year.Fitch’s report also showed a continued upward trend in hiring full-time employees that emerged in the second-quarter report.”Both bank and non-bank servicers have been staffing up in response to an increase in the volume of coronavirus-related relief requests from borrowers. However, the trend was more modest in the third quarter,” the authors noted.”The report provides transparency into a variety of servicing industry trends in the bank and non-bank sectors,” Fitch researchers stated. “It also allows users to view individual servicer performance trends over the most recent four quarters and compare those data metrics with those of other servicers, revealing strengths and weaknesses in servicer performance during this critical time in the industry.”  Print This Post Subscribe in Daily Dose, Featured, Market Studies, News Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Best in Legal Guide: McCalla Raymer Leibert Pierce Next: Fannie Mae Update: Mortgage Servicer Sentiment Amid Pandemic Challenges Home / Daily Dose / Fitch Ratings on Servicer Performance: ‘It Showed Resilience’ Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Christina Hughes Babb is a reporter for DS News and MReport. A graduate of Southern Methodist University, she has been a reporter, editor, and publisher in the Dallas area for more than 15 years. During her 10 years at Advocate Media and Dallas Magazine, she published thousands of articles covering local politics, real estate, development, crime, the arts, entertainment, and human interest, among other topics. She has won two national Mayborn School of Journalism Ten Spurs awards for nonfiction, and has penned pieces for Texas Monthly, Salon.com, Dallas Observer, Edible, and the Dallas Morning News, among others. Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Fitch Ratings on Servicer Performance: ‘It Showed Resilience’ About Author: Christina Hughes Babb Servicers Navigate the Post-Pandemic World 2 days ago 2021-01-12 Christina Hughes Babblast_img read more

Servicers and Regulators Map Out Post-Moratoria Framework

first_img The Best Markets For Residential Property Investors 2 days ago  Print This Post Demand Propels Home Prices Upward 2 days ago Tagged with: Caren Castle Consigliera Courtney Thompson Daniel C. Chilton Dean Meyer Esq. Foreclosures J. Anthony Van Ness Jane Bond Legal League 100 Neil Sherman Rita M. Falcioni roy diaz Ryan Bourgeois Sasha Cohen Stephen M. Hladik Tom Croft About Author: Eric C. Peck Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: House Passes Measure to Assist the Underbanked Next: Finding Opportunity in Opportunity Zones The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Caren Castle Consigliera Courtney Thompson Daniel C. Chilton Dean Meyer Esq. Foreclosures J. Anthony Van Ness Jane Bond Legal League 100 Neil Sherman Rita M. Falcioni roy diaz Ryan Bourgeois Sasha Cohen Stephen M. Hladik Tom Croft 2021-05-20 Eric C. Peck Servicers Navigate the Post-Pandemic World 2 days ago Related Articles The Best Markets For Residential Property Investors 2 days ago 9 days ago 818 Views center_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Servicers and Regulators Map Out Post-Moratoria Framework  Share Save Servicers and Regulators Map Out Post-Moratoria Framework  in Daily Dose, Events, Featured, Government, Journal, Loss Mitigation, News Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribe Sign up for DS News Daily Eric C. Peck has 20-plus years’ experience covering the mortgage industry, he most recently served as Editor-in-Chief for The Mortgage Press and National Mortgage Professional Magazine. Peck graduated from the New York Institute of Technology where he received his B.A. in Communication Arts/Media. After graduating, he began his professional career with Videography Magazine before landing in the mortgage space. Peck has edited three published books and has served as Copy Editor for Entrepreneur.com. On Wednesday, Legal League 100 held its Spring Servicer Summit, a virtual experience featuring informative discussions focusing on the key issues and hot-button topics impacting all involved with the mortgage default and servicing industry.  Legal League 100 Chair Roy Diaz, Managing Shareholder of Diaz Anselmo & Associates P.A., kicked off the day’s events, highlighting the day’s agenda and introducing the opening discussing “The State of the Industry & Market.” “The State of the Industry & Market” featured a panel of thought leaders representing the servicing community discussing the current state of the industry and the foreclosure market, from how default work has changed in light of foreclosure moratoria to compliance challenges and more. Moderated by J. Anthony Van Ness, Founder, Managing Partner for the Van Ness Law Firm, among the panelists providing their market update were Sasha Cohen, First VP of Default Administration for Community Loan Servicing; Tom Croft, SVP, Default Management for Carrington; Rita M. Falcioni, Central Office Loan Management Supervisor in Loan Guaranty Service for the U.S. Department of Veterans Affairs; Dean Meyer, Director, Loss Mitigation, Single-Family Servicing Operations Management for Freddie Mac; and Courtney Thompson, Founder of Consigliera. “Every servicer’s main goal at the moment is to help anyone who had a hardship due to COVIID have the opportunity to have that hardship resolved,” said Cohen. “Once we do all of that and foreclosure is the only option we then seek, we are going to then, review all of the documents and files extensively. The name of the game is ‘document, document, document.’” The panel continued and detailed the many ways in which the servicing industry has been working with consumers, guiding them through the forbearance process and positioning for a beneficial outcome.  Moderated by Diaz, the “Leadership Forum” featured a discussion by representatives from the Legal League’s Advisory Council covering how firms are diversifying their business as moratoriums will impact foreclosure timelines, and how the Legal League 100 is assisting its members. Participants sharing their insight included Legal League 100 Vice Chair Stephen M. Hladik, Partner with Hladik, Onorato & Federman, LLP; and Legal League 100 Advisory Board Members Jane Bond, Managing Partner with McCalla Raymer Leibert Pierce; Caren Castle, Senior Mortgage Servicing Attorney with The Wolf Firm, A Law Corporation; Daniel C. Chilton, Partner with Robertson, Anschutz, Schneid, Crane & Partners, PLLC; Chad A. Neel, Chief Executive with McCarthy Holthus; and Neil Sherman, Esq., President, Managing Partner Default Operations with Schneiderman & Sherman P.C. “We certainly know that the CFPB laid out the expectations of the servicer and how they are following through,” said Hladik. “The CFPB is setting the stage right now with information gathering … they want to see numbers and want to know what percentages of loans are in default, if they are concentrated in a particular area. We have to also examine what type of things the CFPB is going to do. They will be more active and take a closer look at this, but what kind of coordination are they doing at the state regulatory level?”  An open line of communication between servicers and regulators will only benefit consumers in the post-moratorium era, as continued education and guidance will be needed as more exit their forbearance plans. The third session of the day “Navigating the Impact of Foreclosure Delays,” examined how servicers are planning for borrowers as they come out of forbearance plans, how they will re-start customer files, and maintaining compliance in the face of different state and national regulations. Moderator Ryan Bourgeois, Partner with Barrett, Daffin, Frappier, Turner, and Engel led the discussion featuring ReNee D. Brooks, Esq., VP, Legal Risk for Truist; Ron Deutsch, Partner with Cohn, Goldberg & Deutsch, LLC; Amy Neumann FVP, Director of Late Stage Delinquency for Flagstar Bank; and Ramie Word, SVP of Default Servicing for Mr. Cooper. With a wave of homeowners preparing to exit forbearance plans and workouts, the servicing industry may be faced with staffing issues in dealing with the volume of customers on the horizon. “One of my concerns echoed by everybody on the panel is that prior to COVID, default volumes were at their lowest in recorded history,” said Neumann. “What we are up against now is not only having to scale to pre-COVID numbers, but scale up from there. Where are we going to find the talent? A lot of the talent handling this business over the past year, just through attrition, has left the business and have gone on to other careers.” Firms and servicers are now faced with the task of backfilling staffing holes and handling a rise in volume as the moratoria comes to an end.  The “Understanding Default and Foreclosure Compliance” session followed and was led by Graham H. Kidner, Associate General Counsel for Fannie Mae, examining the CFPB’s proposed final rule amending the Mortgage Servicing Rules, what servicers should be doing in response to the Bureau’s April 1, 2021 Compliance Bulletin, and navigating legal challenges from borrowers post-forbearance. The panel featured input from Robert D. Forster, II, Managing Partner with the BDF Law Group; Bernard C. John, Senior Counsel with PNC Bank, N.A.; Beth M. Northrop-Day, Assistant General Counsel, VP for U.S. Bank; and Chris Santana, SVP, Default Servicing with PennyMac Loan Services, LLC. Servicers are faced with having to deal with a number of mandates and executive orders from regulators, in essence, changing existing rules on the fly, and servicers have the difficult task of juggling these changes and are forced to make sense of them.  “Just as many of us have done since the beginning of the pandemic, we’ve had to interpret, pivot and address business operations in what we believe to be compliant with the proposed rules or an executive order, or an order from the court,” said John. “We have never had to deal with such unprecedented information flying in at a given time that is ultimately up for interpretation.” The final session of the day dealt with bankruptcy, including the modification of loans during bankruptcy, managing bankruptcy timelines, and the best ways to utilize bankruptcy as an alternative to foreclosure. Led by moderator Kristin A. Zilberstein, Supervising Attorney Bankruptcy for the Padgett Law Group, bankruptcy experts Michelle Garcia Gilbert, President/CEO of Gilbert Garcia Group, P.A.; Allen C. Myers, Assistant General Counsel, VP for JPMorgan Chase Bank NA; and Sarah Tullie, VP of Bankruptcy for Wells Fargo. “The key is communication … communicate as frequently as we can,” said Myers. “The CFPB wants to put a real focus on avoiding avoidable foreclosures. We want to find every foreclosure out there and do whatever we can whether that is through a loan modification, deferral, and agreed order … we want to explore every avenue.” Sponsors of the event included Padgett Law Group, Provana, and DS News. Click here for more information on the Legal League 100 Spring Servicer Summit Virtual event, which can be viewed by registered attendees for the next 90 days. As part of the 2021 Five Star Conference and Expo at the Hyatt Regency Dallas, Legal League 100 will be holding its in-person Fall Servicer Summit event on Monday, September 20 where the nation’s elite financial services law firms will be discussing default policies, procedures, and hot-button issues with leading servicing executives. last_img read more

Donegal County Councillor claims budget draft still not on the table ahead of Friday’s…

first_imgHomepage BannerNews Donegal County Councillor claims budget draft still not on the table ahead of Friday’s meeting Previous articleDonegal unlikely to benefit from added Garda resources – O’ConnorNext articleHorgan: “We played better and we’re still in the tie” News Highland News, Sport and Obituaries on Wednesday May 26th Pinterest Help sought in search for missing 27 year old in Letterkenny Pinterest Google+ WhatsApp Facebook Twitter NPHET ‘positive’ on easing restrictions – Donnelly center_img Three factors driving Donegal housing market – Robinson 448 new cases of Covid 19 reported today Google+ Nine Til Noon Show – Listen back to Wednesday’s Programme A Donegal County Councillor has claimed he has written to management eight times, requesting a draft Municipal District Budgetary plan but has not received a satisfactory resonse.A Budget meeting is planned for this Friday, however according to Councillor Dessie Sheils, legislation states that Councillors are to receive a draft budget a week before the meeting is due to take place.Councillor Sheils says there hasn’t been an indication as to when a draft will be drawn up.He says to avoid what he terms ‘annual pantomime politics on budget day at Lifford’ Councillors must be given every chance to study the budget thoroughly:Audio Playerhttp://www.highlandradio.com/wp-content/uploads/2015/11/dess1pm.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume. Facebook Twitter RELATED ARTICLESMORE FROM AUTHOR By News Highland – November 3, 2015 WhatsApplast_img read more

Two environmental courses are to be offered to 33 people in Donegal

first_imgNews Two environmental courses are to be offered to 33 people in Donegal under a new funding initiative announced by Tanaiste Mary Coughlan.The courses have been appropved as part of an additional €12 million under the Labour Market Activation Fund.Tanaiste and Education Minister Mary Coughlan says the additional funding announced last night will support education and training programmes for some 5,400 additional unemployed people and will bring the total number of participant places supported by the Fund to almost 12,000 this year.Two courses run by Donegal VEC and LYIT in the area of renewables have been included in the list of 33 projects. Donegal VEC has been approved for a FETAC level five certificate in Renewable Technology for 15 participants while at Letterkenny Institute of Technology, 18 places will be made available on a Certificate in Wind Energy Technology course Pinterest Calls for maternity restrictions to be lifted at LUH Guidelines for reopening of hospitality sector published Facebook Twitter Previous articlePhone line row leaves patients unable to contact health service in LetterkennyNext articleNowDoc service in Mountcharles moves into new premises News Highland By News Highland – August 24, 2010 448 new cases of Covid 19 reported today NPHET ‘positive’ on easing restrictions – Donnelly Three factors driving Donegal housing market – Robinson center_img Pinterest Google+ WhatsApp RELATED ARTICLESMORE FROM AUTHOR Two environmental courses are to be offered to 33 people in Donegal Help sought in search for missing 27 year old in Letterkenny Google+ Facebook WhatsApp Twitterlast_img read more

Second Donegal Live event in Dublin tomorrow

first_img Pinterest Google+ RELATED ARTICLESMORE FROM AUTHOR Twitter Second Donegal Live event in Dublin tomorrow Google+ WhatsApp Previous articleRescued surfers ‘lucky to be alive’Next articleAn Taisce allowed submit second objection to offshore plan News Highland Newsx Adverts A major tourism initiative to attract tourist to Donegal is taking place in  Dublin tomorrow.Up to 20 tourism sectors will be represented at the Donegal Live event which takes places  the Iveagh Gardens, Dublin between 12.00 noon to 6.00pm.The inaugural Donegal Live event took place in Dublin last year, while the first international one happened in Glasgow earlier this month.The event is created and funded by a number of organisations including the Donegal Association in Dublin, Donegal Tourism Ltd, Failte Ireland North West, and Donegal County CouncilPaul McLoone is from Failte Ireland North West:[podcast]http://www.highlandradio.com/wp-content/uploads/2011/05/paul.mp3[/podcast] NPHET ‘positive’ on easing restrictions – Donnelly Facebookcenter_img By News Highland – May 21, 2011 WhatsApp LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Calls for maternity restrictions to be lifted at LUH Three factors driving Donegal housing market – Robinson Pinterest Almost 10,000 appointments cancelled in Saolta Hospital Group this week Guidelines for reopening of hospitality sector published Facebook Twitterlast_img read more