CFPB Proposes to Publish Complaint Narratives against Banks, Servicers

first_img Share Save  Print This Post Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Fannie and Freddie Take on Riskier Portfolios Next: Two Biggest Colorado Foreclosure Firms Charged with Fraud In the wake of the financial crisis, the trust level between the banks who are seen by many as a culprit in the downturn and consumers who are, in many cases, still attempting to fully recover is tenuous at best. In the middle, you’ve got the referee: a federal government, charged with ensuring that the circumstances seen in the latter part of the previous decade do not repeat themselves.To that end, the Consumer Financial Protection Bureau (CFPB) proposed a new rule to allow consumers that post complaints to the option to opine on the details of their complaint made on the bureau’s public facing complaint database.The CFPB argues that allowing consumers to expand on the circumstances surrounding their complaints allows for greater transparency in the system.“The consumer experience shared in the narrative is the heart and soul of the complaint,” said CFPB Director Richard Cordray. “By publicly voicing their complaint, consumers can stand up for themselves and others who have experienced the same problem. There is power in their stories, and that power can be put in service to strengthen the foundation for consumers, responsible providers, and our economy as a whole.”The banking and servicing community is, perhaps understandably, concerned.“Publishing narratives of every unverified complaint will give only the illusion of disclosure. Banks have an obligation to their customers to maintain the confidentiality of their information, making it virtually impossible for a bank to offer a complete response to these narratives,” said Richard Hunt, President and CEO of the Consumer Bankers Association. “It is the role of the CFPB as the traffic cop to distinguish violations of law from unfounded complaints. Instead, they want to let others figure it out from one-sided and unverified narrative information.”The CFPB began receiving complaints from consumers when it opened its doors in 2011. It currently houses the nation’s largest public collection of consumer complaints, with more than 400,000 grievances and growing.Consumers already have the option of posting a short synopsis of the basic facts of their complaint in an attached small text box. This rule proposal, published for 30 days of comment will allow full narratives.The bureau argues that the process safeguards the banks reputations by allowing them to answer to the complaint with a concurrently posted response.Hunt is not convinced.“This action will ultimately add to consumer confusion, harm industry reputations, and undermine any hope the CFPB may have to be viewed as a fair and honest broker. For an agency which prides itself on being driven by ‘accurate’ data, this is very disappointing.” July 17, 2014 1,037 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Derek Templeton CFPB Complaints Consumer Bankers Association 2014-07-17 Derek Templeton Servicers Navigate the Post-Pandemic World 2 days ago Derek Templeton is an attorney based in Dallas, Texas. He practices in the areas of real estate, financial services, and general corporate transactional law. His experience includes time as an Attorney Adviser for the U.S. Small Business Administration and as General Counsel for a nonprofit organization in Dallas. A self-avowed “policy junkie,” he has a keen interest in the effect that evolving federal policy has on the mortgage, default servicing, and greater housing industries. Tagged with: CFPB Complaints Consumer Bankers Association Home / Daily Dose / CFPB Proposes to Publish Complaint Narratives against Banks, Servicerscenter_img CFPB Proposes to Publish Complaint Narratives against Banks, Servicers in Daily Dose, Featured, Government, Headlines, News The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days agolast_img read more

Fed Opts Out of Rate Hike For Now

first_img“. . .the federal funds rate is likely to remain, for some time, below levels that are expected to prevail in the longer run.”Federal Open Market Committee Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Xhevrije West in Daily Dose, Featured, Government, News The Federal Open Market Committee (FOMC) once again stood still on raising the federal funds rate this month due to disappointing economic indicators, leaving the looming question of when the Fed will make its move.The Fed determined that since the last meeting in April, the pace of improvement in the labor market has slowed while growth in economic activity appears to have picked up, according to a release Wednesday.Job gains diminished, even though the unemployment rate fell. In addition, household spending increased, while the housing sector as a whole “has continued to improve.” The Committee also noted that inflation is still running below the 2 percent goal.”Against this backdrop, the Committee decided to maintain the target range for the federal funds rate at 1/4 to 1/2 percent. The stance of monetary policy remains accommodative, thereby supporting further improvement in labor market conditions and a return to 2 percent inflation,” a release from the meeting said.As for future rate increases, the Fed stated, “In determining the timing and size of future adjustments to the target range for the federal funds rate, the Committee will assess realized and expected economic conditions relative to its objectives of maximum employment and 2 percent inflation.””The Committee expects that economic conditions will evolve in a manner that will warrant only gradual increases in the federal funds rate; the federal funds rate is likely to remain, for some time, below levels that are expected to prevail in the longer run. However, the actual path of the federal funds rate will depend on the economic outlook as informed by incoming data,” the Fed continued. Fed Opts Out of Rate Hike For Now Previous: Nearly Half of Foreclosures Wrapped up in Five States Next: Watchdog Finds Problems With CFPB’s Internal Controls Federal Funds Target Rate Federal Reserve U.S. Economy 2016-06-15 Brian Honea June 15, 2016 1,168 Views National Association of Federal Credit Unions (NAFCU) Chief Economist Curt Long said, “The decision to leave rates the same was widely expected, especially after the disappointing job numbers in May. July is still a possibility if employment data is better this month, but it is more likely the committee will now wait until the third quarter or later.”Prior to the little-improved gross domestic product (GDP) report from the Bureau of Economic Analysis and the lower-than-expected Employment Summary from the Bureau of Labor Statistics, many in the industry, including Fed Chair Janet Yellen, believed that it “likely would be appropriate for the Committee to increase the target range for the federal funds rate in June,” minutes from the last meeting said.The GDP bounced back slightly in the second estimate for Q1. The Bureau of Economic Analysis reported GDP growth at annual rate of 0.8 percent for the second estimate, still down from Q4’s GDP growth rate of 1.4 percent.Long stated in response to this data, “While first-quarter GDP remained low despite the upward revision, there are a number of reasons to anticipate a rebound in the second quarter. Incoming data has been noticeably stronger, the drags from low oil prices and a strong dollar were less than previously estimated, and there is still a possibility that the government’s seasonal adjustment continues to underestimate GDP in the first quarter while boosting it in subsequent quarters. Overall, this is another in a string of positive data releases which will provide plenty of ammunition for the Fed to raise rates no later than July.”The most recent employment data from the Bureau of Labor Statistics showed that the labor force participation rate fell by 20 basis points down to 62.6 percent and has fallen by 40 basis points over April and May to offset first-quarter gains, after hitting its lowest level since the 1970s in 2015. Not only did job gains total only 38,000 for May, but March and April totals were downwardly revised by a combined 59,000 jobs down to 186,000 and 123,000, respectively, making the average monthly job gain over the three-month period from March to May a less-than-stellar 116,000.“The employment data issued today is the weakest monthly job creation report since September 2010. This greatly diminishes the likelihood of the Federal Reserve raising rates in June, which would be a net positive for housing demand this spring,” Realtor.com Chief Economist Jonathan Smoke said. “But diminishing job growth also raises concern about longer-term demand for housing later this year and into 2017. Although some of this decline could be temporary, the deceleration we are seeing in job creation will eventually impact the pace of household formation. Fewer households being formed will impact the demand for homes, both to rent and to buy.” Tagged with: Federal Funds Target Rate Federal Reserve U.S. Economy Share Save Xhevrije West is a talented writer and editor based in Dallas, Texas. She has worked for a number of publications including The Syracuse New Times, Dallas Flow Magazine, and Bellwethr Magazine. She completed her Bachelors at Alcorn State University and went on to complete her Masters at Syracuse University. Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily center_img Home / Daily Dose / Fed Opts Out of Rate Hike For Now Subscribe Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

Freddie Mac MSR Changes Hands; Fannie Mae to Follow?

first_img in Daily Dose, Featured, Headlines, News, Secondary Market  Print This Post Freddie Mac MSR Changes Hands; Fannie Mae to Follow? Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Related Articles Home / Daily Dose / Freddie Mac MSR Changes Hands; Fannie Mae to Follow? According to a filing with the U.S. Securities and Exchange Commission on Monday, PHH Mortgage Corporation has closed the sale of nearly its entire Freddie Mac portfolio of mortgage servicing rights (MSR) to New Residential Mortgage, LLC—about 81,500 loans. New Residential picked up the portfolio for approximately $110 million. Of that sum, $101.5 million was attributable to the purchase rights for the Freddie Mac MSR portfolio and $8.5 million was for related servicing advances. As pursuant of the agreement, PHH Mortgage and New Residential entered into a MSR Defense Agreement; PHH Mortgage will also be reimbursed by New Residential for any servicing advances the company makes on a weekly basis. PHH Mortgage will remain the subservicer for the portfolio for a term of three years. The sale is the second of a three-phase move for PHH Mortgage to rid themselves of all MSRs associated with government-backed lenders. The mortgage company sold off their Ginnie Mac MSR portfolio to the Delaware-based limited liability company back in November of 2016. They expect to sell off their portion of Fannie Mae MSRs sometime in the third quarter of 2017, however nothing is set in stone. This sale rides on the coattails of New Residential’s $950 million purchase of Citigroup’s servicing rights back for Fannie Mae- and Freddie Mac0back loans in January, as reported by Bloomberg. Those loans have an outstanding balance totaling $97 billion. Bloomberg is also reporting that New Residential has been aggressively acquiring mortgage servicing rights since the appointment of CEO Michael Nierenberg. About Author: Staff Writer Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Tagged with: Freddie Mac new residential PHH Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Previous: GSE Profit Allocation Decision Could Take a Total 10 Years Next: Closing of Interracial Gaps in Education Could Increase Homeownership June 19, 2017 2,235 Views Freddie Mac new residential PHH 2017-06-19 Staff Writer Subscribelast_img read more

Distributing Insurance Funds After a Natural Disaster

first_img The Best Markets For Residential Property Investors 2 days ago Distributing Insurance Funds After a Natural Disaster Demand Propels Home Prices Upward 2 days ago 2018 black book Insurance insurance claims insurance proceeds Legal Update mortgage servicing Natural Disasters 2018-01-19 David Wharton Demand Propels Home Prices Upward 2 days ago Editor’s note: This story was originally featured in the January issue of DS News, out now.One of the biggest mortgage servicing issues facing lenders in Texas, Florida, California, and other states that have suffered from declared disasters relates to insurance claims on damaged properties when the loan is in default. The ability to apply insurance proceeds to delinquent loans is not only based upon the actual language of the mortgage but also when the loss or damage is incurred.Look to the MortgageIn relation to the language of the mortgage, there are two provisions, one of which is contained in most mortgages that relate to insurance proceeds. The first provision basically leaves it to the discretion of the lender as to how the proceeds are distributed. The provision sets forth that the borrower is required to maintain insurance on the property against any hazards, casualties, and contingencies, including fire, and includes the following language regarding application of the insurance proceeds:“Each insurance company concerned is hereby authorized and directed to make payment for such loss directly to lender, instead of to borrower and to lender jointly. All or any part of the insurance proceeds may be applied by lender, at its option, either (a) to the reduction of the indebtedness under the note and this security instrument, first to any delinquent amounts applied … and then to prepayment of principal, or (b) to the restoration or repair of the damaged property.”With this language in the mortgage, the decision whether to apply the proceeds to the loan or repair the property is solely within the discretion of the lender. While there have been no cases directly interpreting this provision, the language in this provision is clear and unambiguous. If the mortgage contains this language, the lender is free to apply the proceeds as it sees fit, depending on when the loss occurs in relation to the default as explained in further detail below.The second provision that can commonly be found in mortgages requires either an agreement between the borrower and lender as to how to apply the proceeds or for the repair costs to be so significant as to render it economically unfeasible to complete the repairs. This provision details this as follows:“Unless lender and borrower otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance was required by lender, shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender’s security is not lessened … if the restoration or repair is not economically feasible or lender’s security would be lessened, the insurance proceeds shall be applied to the sums secured by this security instrument, whether or not then due, with the excess, if any, paid to borrower.”Since most government-backed mortgages contain standard language, state-specific case law must be reviewed. The remainder of the article reviews the case law in Florida in relation to insurance proceeds.There have not been many reported cases in Florida interpreting this second provision, but at least one case has been brought between the borrower and the lender on this issue recently—that of Alvarez-Mejia v Bellissimo Properties, LLC, 208 So. 3d 797 (Fla. 3d DCA 2016). While this did not address a final resolution of the issue, the court appears to hinge its evaluation on appraisals and estimates as to the cost of repair and the effect of the damage on lender’s security. In other words, this is evaluated on a case-by-case basis and the cost of repair versus the value of the property both before and after the repairs are completed is calculated. Unfortunately, since the typical mortgage does not define “economically feasible,” it is left to the interpretation of the courts. In the Alvarez-Mejia case, one of the judges discussed both economic feasibility and a lessening of the lender’s security in a dissenting opinion. This judge defined “economically feasible” as “economically reasonable” or “practicable” but did not expand further than that in his determination of the term “economically feasible.” The same judge also interpreted a lessening of the lender’s security as “an expenditure for restoration or repair of a property which ends with a property value less than the amount expended constitutes, a fortiori, a ‘lessening’ of the lender’s security. Alvarez-Mejia at 802. Given that these are the two prongs required for the lender to be able to keep the insurance proceeds and apply the proceeds to the loan, these factors are important to be evaluated in each loan and would typically require not only estimates of the cost of repair but also the value of the property both before and after such repairs are completed to assist in making this determination.It is important for this purpose to note the borrower in the Alvarez-Mejia case was in default long before the loss and, at least one judge in the case considered that sufficient as a matter of law to render repair economically unfeasible.When Did the Loss Occur: Before or After Default?Once the lender believes that it has the authority to apply the funds, the question turns to when the loss or damage is incurred. In White v. Ocwen Loan Servicing, LLC, 159 So. 3d 1009 (Fla. 3d DCA 2015), the Court followed the decision of Lenart v. Ocwen Financial Corp., 869 So. 2d 588 (Fla. 3d DCA 2004), as follows:“[W]here the loss precedes the foreclosure the mortgagee is the creditor of the owner at the time of loss, and has an election as to how to satisfy the debt. The mortgagee may either turn to the insurance company for payment as mortgagee … and recover, up to the limits of the policy, the mortgage debt; or the mortgagee may foreclose on the property … If the mortgagee elects to foreclose on the property and the foreclosure sale does not bring the full amount of the mortgage debt, then the mortgagee may recover the deficiency under the insurance policy as owner.”This line of reasoning has been followed and adopted by at least one other appellate district in Florida. In short, if the loss occurs prior to the foreclosure being completed, the lender can make a claim on the insurance policy and use those funds to satisfy the debt; however, in doing so, that prevents the lender from completing its foreclosure and any pending action would need to be dismissed upon making the claim and applying those proceeds to satisfy the debt. Alternatively, the lender can foreclose on the property and if the foreclosure sale does not bring the full amount of the debt, then it can recover the deficiency from the insurance proceeds. These options provide the lender with the option of making a business decision based upon the condition of the property whether it wants to take the property back and deal with the damage itself or just accept the insurance proceeds and satisfy the debt without having to deal with the damaged property. January 19, 2018 2,510 Views Share Save  Print This Post The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribecenter_img Tagged with: 2018 black book Insurance insurance claims insurance proceeds Legal Update mortgage servicing Natural Disasters Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Total FHFA Prevention Actions Edge Close to 4 Million Next: First Foundation Bank Adds Digital Solutions From Fiserv Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / Distributing Insurance Funds After a Natural Disaster Related Articles Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Magazine, Print Features Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily last_img read more

Castle Law Defendants Awarded $1.9M in Legal Fees

first_img Related Articles  Print This Post Home / Daily Dose / Castle Law Defendants Awarded $1.9M in Legal Fees Previous: Default Services National Sales Executive Hired for ServiceLink Next: Construction Starts Surged in March Castle Law Defendants Awarded $1.9M in Legal Fees Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The years-long saga surrounding the state of Colorado’s lawsuit against Castle Law Group has reached another milestone. On Friday, Judge Morris Hoffman awarded the case’s defendants, including Castle Law and two related entities, another victory in awarding legal fees totaling $1.9 million as a result of the specified claims filed by the State which the Judge had found to be substantially frivolous and groundless claims.The Court awarded 100 percent of the fees that The Castle Law Group, Caren Castle, and Larry Castle requested, and indicated that the methodology used by Castle Law in applying for the fees was conservative. Here’s how the awarded fees broke down; defendants from the Castle Law Group were awarded $1,454,809 in fees. The case also involved two other defendant entities: Absolute Posting & Process Services, LLC, a posting company employed by the Castle Law Group; and Colorado American Title, LLC, (CAT) a title company employed by Castle Law. Judge Hoffman awarded the Absolute defendants $445,256 in fees and the CAT defendants $19,979 in fees.In his opinion Friday, Judge Hoffman cited the enormous amount of work the defendants had to put in while navigating the multiyear case. “Just organizing this ocean of discovery was a massive undertaking, let alone making sense of it and developing litigation strategies and tactics based on it. Defending this case required enormous commitments of time and extraordinary skill.”Larry Pozner, Partner at Reilly Pozner LLP and lead defense attorney in the case, exclusively told DS News, “Law firms who practice in the foreclosure space have enormous responsibilities to the lenders. The cases have to be done rapidly, right, repeatedly, and the law firms must do them at their own risk. The foreclosure law firms survive by providing excellence to the lending market, and excellence will always cost more than the cheapest alternative. How dare the state tell a law firm what quality it must hire or what sacrifices it should make to please the state. The clients were satisfied with the services they were receiving.”In State of Colorado v. The Castle Law Group, LLC, et al., Colorado Attorney General Cynthia Coffman claimed that the defendants (which included not only the foreclosure law firm but also former partners Larry and Caren Castle) padded billings in order to take in millions in illegitimate profits from the banks they represented, as well as the affected homeowners and real estate investors who later bought the foreclosed houses at auction. In April 2017, Denver District Judge Morris Hoffman ruled against the state, arguing in a 92-page opinion that neither the Castles nor the other defendants took advantage of the position banks were in to move foreclosures quickly during the housing crisis.“These foreclosure law firms were not Wall Street firms with their own economic power,” Hoffman said at the time. “For the most part they were small, local firms specializing in foreclosures, whose very existence depended on the willingness of their clients to keep referring foreclosures to them. As a result, the lenders and servicers could, and did, dictate the terms they would accept from their foreclosure law firms, with virtually no negotiation.”The case reached its next fork in November 2017, when Judge Hoffman ordered the state of Colorado to pay the defendants’ legal fees, criticizing the state’s case and noting, “The evidence, or lack of evidence, at trial, was nothing short of breathtaking, especially compared to the investigative build-up and the serious and pervasive allegations in the complaint.”“The consumer fraud department of the Colorado AGs decided they knew better than the law firms who should be hired and what should be charged,” Pozner told DS News. “They put the Castle Firm out of business, they cost hundreds of people their jobs, and they wasted millions of dollars of taxpayer money. The real fraud here is that, on Monday morning, the assistant attorneys general who perpetrated this injustice will still have their jobs.” Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Subscribe David Wharton, Managing Editor at the Five Star Institute, is a graduate of the University of Texas at Arlington, where he received his B.A. in English and minored in Journalism. Wharton has over 16 years’ experience in journalism and previously worked at Thomson Reuters, a multinational mass media and information firm, as Associate Content Editor, focusing on producing media content related to tax and accounting principles and government rules and regulations for accounting professionals. Wharton has an extensive and diversified portfolio of freelance material, with published contributions in both online and print media publications. Wharton and his family currently reside in Arlington, Texas. He can be reached at [email protected] The Best Markets For Residential Property Investors 2 days ago Tagged with: Banks Case Castle Law Group Fees Foreclosure Homebuyers Law Firms Legal Lenders Lending Servicers Sign up for DS News Daily center_img Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Banks Case Castle Law Group Fees Foreclosure Homebuyers Law Firms Legal Lenders Lending Servicers 2018-04-23 David Wharton Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago April 23, 2018 4,439 Views Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Foreclosure, News Share Save The Best Markets For Residential Property Investors 2 days ago About Author: David Whartonlast_img read more

Moody’s Rates Wells Fargo’s First RMBS in 10 Years

first_imgSign up for DS News Daily Home / Daily Dose / Moody’s Rates Wells Fargo’s First RMBS in 10 Years Radhika Ojha is an independent writer and copy-editor, and a reporter for DS News. She is a graduate of the University of Pune, India, where she received her B.A. in Commerce with a concentration in Accounting and Marketing and an M.A. in Mass Communication. Upon completion of her masters degree, Ojha worked at a national English daily publication in India (The Indian Express) where she was a staff writer in the cultural and arts features section. Ojha, also worked as Principal Correspondent at HT Media Ltd and at Honeywell as an executive in corporate communications. She and her husband currently reside in Houston, Texas. Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Subscribe default Delinquency Moody’s RMBS mortgage Securities Wells Fargo 2018-10-11 Radhika Ojha Rating agency, Moody’s Investor Services, has assigned a provisional rating to the 24 classes of Wells Fargo’s first residential mortgage-backed securities (RMBS). The bank has reentered the RMBS market after a decade with the Wells Fargo Mortgage Backed Securities 2018-1 Trust (“WFMBS 2018-1”).The WFMBS 2018-1 transaction consists of the securitization of 660 primarily 30-year, fixed rate, prime residential mortgage loans with an unpaid principal balance of approximately $441 million, Moody’s indicated.Giving the securitizations a rating range from (P)Aaa (sf) to (P)Ba1 (sf), Moody’s said, “The pool has strong credit quality and consists of borrowers with high FICO scores, significant equity in their properties and liquid cash reserves. The pool has clean pay history and is seasoned for almost 18 months.”According to Moody’s the mortgage loans for this transaction are originated by Wells Fargo Bank in accordance with the non-conforming underwriting guidelines. All of the loans are designated as qualified mortgages (QM) under the QM safe harbor rules, the rating agency said.Speaking to DS News, a spokesperson for Wells Fargo had recently said that the offering would include recently originated non-conforming, prime loans that were “consistent with those we have been putting on our balance sheet for the past several years.”The rating also gave insights into how Wells Fargo planned to service the loans. It indicated that the bank would be the master servicer for this transaction.Wells Fargo will service all the loans and will also be the master servicer for the transaction. who will be primarily responsible for funding certain services advances and delinquent scheduled interest and principal payments for the mortgage loans, unless they determined that such amounts would not be recoverable.”In the event a servicer event of default has occurred and the Trustee terminates the servicer as a result thereof, the master servicer shall fund any advances that would otherwise be required to be made by the terminated servicer (to the extent the terminated Servicer has failed to fund such advances until such time as a successor servicer is appointed and commences servicing the mortgage loans,” Moody’s said. “The master servicer and servicer will be entitled to be reimbursed for any such monthly advances from future payments and collections (including insurance and liquidation proceeds) with respect to those mortgage loans.”The bank couldn’t have picked a better time to enter this market with the issuance of private-label RMBS hitting a post-crisis high of $75 billion in 2018, according to a recent Bloomberg report, due to heavy investor demand for non-qualified mortgage transactionsWells Fargo had been one of the top RMBS lenders before the crisis with more than $1 trillion worth of mortgages sold in 2005 and 2006, the Bloomberg report said.Read the details of Wells Fargo’s entry into the RMBS market:Wells Fargo to Re-enter the RMBS Bond Market Tagged with: default Delinquency Moody’s RMBS mortgage Securities Wells Fargo  Print This Post in Daily Dose, Featured, News, Secondary Market About Author: Radhika Ojha Moody’s Rates Wells Fargo’s First RMBS in 10 Years The Best Markets For Residential Property Investors 2 days agocenter_img Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Demand Propels Home Prices Upward 2 days ago Previous: The Mortgage Industry Braces for Hurricane Michael Next: Delving Into Consumers’ Minds October 11, 2018 2,032 Views last_img read more

Varadkar pays surprise visit to Malin Coastguard Station

first_img Twitter Almost 10,000 appointments cancelled in Saolta Hospital Group this week WhatsApp Previous articleIndependent TD Pringle “extremely pleased” with today’s Supreme Court decisionNext articleMan due in court in Derry on firearms charges News Highland Pinterest Calls for maternity restrictions to be lifted at LUH Pinterest WhatsApp Transport Minister Leo Varadkar made an unannounced visit to Malin Head Coastguard Station during a visit to Donegal yesterday.After addressing the MacGill Summer School in Glenties, Mr Varadkar travelled to Inishowen with Deputy Joe Mc Hugh. Once again, the fututre of the coastguard station is in doubt after the publication of a consultants’ report recommending services be centralised in Dublin.The Minister met with coastguard staff and volunteers, who outluined their concerns.Deputy Mc Hugh says it was a constructive exercise…………..[podcast]http://www.highlandradio.com/wp-content/uploads/2012/07/joemalin.mp3[/podcast] News LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Google+center_img NPHET ‘positive’ on easing restrictions – Donnelly Twitter Facebook Varadkar pays surprise visit to Malin Coastguard Station Facebook Three factors driving Donegal housing market – Robinson RELATED ARTICLESMORE FROM AUTHOR Guidelines for reopening of hospitality sector published By News Highland – July 27, 2012 Google+last_img read more

Man abducted, beaten in Derry and taken across border

first_imgNews By News Highland – May 17, 2012 RELATED ARTICLESMORE FROM AUTHOR Facebook A 28-year-old man has been beaten by three masked men who abducted him and took him across the border to Donegal.He was walking in the Circular Road in Derry at about 930pm on 10 May when a red car pulled up alongside.The masked men pulled him into the car, then took him to Springfield Road and beat him with a bat.They then abandoned him in Muff in Co. Donegal. He was treated in hospital for his injuries.Police were only made aware of the incident yesterday evening.Foyle MLA, Pat Ramsey, says this is another incident that paints a bad picture of Derry….[podcast]http://www.highlandradio.com/wp-content/uploads/2012/05/pat.mp3[/podcast] Previous articleNumber of clinics cancelled at Letterkenny General HospitalNext articleICSA to hold EU Fiscal Treaty Referendum information meeting tomorrow evening News Highland WhatsApp Facebook Calls for maternity restrictions to be lifted at LUH Business Matters Ep 45 – Boyd Robinson, Annette Houston & Michael Margey Twitter Twittercenter_img LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Pinterest Guidelines for reopening of hospitality sector published Almost 10,000 appointments cancelled in Saolta Hospital Group this week Three factors driving Donegal housing market – Robinson Pinterest Google+ Man abducted, beaten in Derry and taken across border Google+ WhatsApplast_img read more

LYIT could form part of Ireland’s largest higher education institution

first_img LYIT could form part of Ireland’s largest higher education institution Pinterest Pinterest Google+ Calls for maternity restrictions to be lifted at LUH LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Twitter Facebook Facebook Twitter Almost 10,000 appointments cancelled in Saolta Hospital Group this week Three factors driving Donegal housing market – Robinson center_img Business Matters Ep 45 – Boyd Robinson, Annette Houston & Michael Margey WhatsApp Letterkenny Institute of Technology could form part of a new technological university.The IT is in advanced discussions with Dundalk IT, GMIT, Athlone  IT and IT Sligo.If approved by the Government, the Border Midlands West Technological University would create the largest higher education institution in the state with 27,000 students.A steering group comprising the presidents and senior IT staff are directing the negotiations.Criteria for the technological universities are due to be published in February. Google+ RELATED ARTICLESMORE FROM AUTHOR Guidelines for reopening of hospitality sector published Previous articleGovernment considers deadline to get off the doleNext articleOatfield staff say they know Letterkenny plant is closing News Highland By News Highland – January 24, 2012 WhatsApp Newsx Advertslast_img read more

Derry councillor claims council and Roads Service are playing ‘pass the parcel’

first_img Pinterest WhatsApp Guidelines for reopening of hospitality sector published Twitter LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Facebook Minister McConalogue says he is working to improve fishing quota RELATED ARTICLESMORE FROM AUTHOR Derry Councillor Gerry MacLochlainn has today called for an emergency  Council meeting with DRD Road Services to discuss the current snow and ice situation in Derry and to come up with and implement solutions.Cllr MacLochlainn,  a member of the council’s Environmental Services Committee says responsibilities and roles must be clearly identified between the agencies dealing with this extreme weather.He says the council and the roads service are playing pass the parcel while there are people unable to move about safely and are risking life and limb because of the state of roads and footpaths………[podcast]http://www.highlandradio.com/wp-content/uploads/2010/12/derry1pm.mp3[/podcast] Pinterest By News Highland – December 6, 2010 Need for issues with Mica redress scheme to be addressed raised in Seanad also center_img Previous articleFG likely to opt for one candidate strategy in Donegal NENext articleCouncil closes Back of Errigal Road and Meenaroy News Highland Google+ Facebook Google+ Newsx Adverts Derry councillor claims council and Roads Service are playing ‘pass the parcel’ Almost 10,000 appointments cancelled in Saolta Hospital Group this week WhatsApp Twitter 70% of Cllrs nationwide threatened, harassed and intimidated over past 3 years – Reportlast_img read more