Share In an update on consumer relief activities from SunTrust Mortgage and Ocwen Financial, two parties to the 2012 National Mortgage Settlement (NMS), independent settlement monitor Joseph A. Smith, Jr., said he will continue to investigate Ocwen over the possibility of noncompliance with terms of the NMS.In what was Ocwen’s second report on consumer relief under the NMS, the Atlanta-based servicer reported that through the end of the fourth quarter in 2014, 21,257 borrowers had completed first-lien modifications and benefited from $1.9 billion in consumer relief. That figure computes to approximately $91,000 per borrower. Ocwen also reported that an additional 284,089 borrowers had either started a trial modification or were offered or approved for a trial modification by the end of Q4. These were Ocwen’s self-reported numbers and they have not been credited by the monitor as of yet.Smith, who is overseeing Ocwen’s compliance with the terms of the NMS, said his team launched an investigation in May 2014 after hearing from an employee about “serious deficiencies in Ocwen’s internal review group process” and issues relating to erroneously dated foreclosure notices to about 7,000 borrowers. The latter issue resulted in Ocwen reaching a $150 million settlement with the New York Department of Financial Services in December. In the latest update on the NMS, Smith his investigation of Ocwen’s compliance with the standards of the NMS continues. Ocwen falls under Smith’s supervision due to Ocwen’s acquisition of mortgage servicing rights from a unit of Ally Financial, one of the original banks included in the settlement.“I am encouraged by Ocwen’s consumer relief progress, but I continue to investigate issues of potential noncompliance with the NMS servicing standards,” Smith said. “My team and I take this matter seriously, and this investigation is ongoing. I will report my findings later this spring.”Regarding the investigation, Ocwen released a statement saying, “Ocwen is continuing to fully cooperate with the National Mortgage Settlement Monitor. We are committed to full compliance with all regulatory requirements.”In what was SunTrust’s first report to the monitor on progress toward fulfilling consumer relief obligations under the NMS, the Atlanta-based financial services company said that 6,139 borrowers have benefited from some type of consumer relief offered by SunTrust. More than 3,000 borrowers who are either first-time homebuyers, live in hardest-hit areas, or have lost a home to foreclosure or short sale received new loans, according to SunTrust, and the company offered first-lien modification forgiveness totaling $6 million to 49 borrowers – approximately $123,602 per borrower. These numbers, like Ocwen’s, are self-reported by SunTrust and are awaiting review from the monitor before they are officially credited toward SunTrust’s obligation under the terms of the NMS.”This is SunTrust’s first report on its progress toward fulfilling its $500 million obligation under the National Mortgage Settlement,” Smith said. “This data is gross and self-reported, and my team and I are in the process of crediting SunTrust’s consumer relief progress.”The NMS was originally finalized in April 2012 between 49 states and the District of Columbia, the federal government, and five banks and/or mortgage servicers (Bank of America, Citi, JPMorgan Chase, ResCap Parties, and Wells Fargo), creating new servicing standards and providing relief to distressed homeowners as well as funding for state and federal governments. As part of the agreement, the five servicers were required to provide $20 billion in consumer relief and $5 billion in other payments. The settlement is considered landmark because it established the first-ever nationwide reforms to mortgage servicing that include better communication between servicers and borrowers as well as a single point of contact and appropriate standards servicers for executing documents in foreclosure cases.Ocwen entered into a new consent judgment with the Consumer Financial Protection Bureau (CFPB) in February 2014 that requires Ocwen to provide $2.1 billion in consumer relief and to comply with the servicing standards set forth by the NMS. in Daily Dose, Featured, News, Servicing Servicers Report Q4 Consumer Relief To Settlement Monitor; Investigation of Ocwen Continues Consumer Relief National Mortgage Settlement Ocwen Settlements SunTrust 2015-04-08 Seth Welborn April 8, 2015 557 Views
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Related Posts Top Reasons to Go With Managed WordPress Hosting Tags:#Analysis#Blogging#web A Web Developer’s New Best Friend is the AI Wai… Reader engagement with blogs has changed dramatically over the last three years, primarily because of the rise of online social networks, according to new numbers released by analytics firm Postrank today. Postrank published an analysis based on metrics for signals like comments, trackbacks, shared links and online bookmarks for the top 1000 most-engaging feeds online and for 100,000 randomly selected blog posts in each year since 2007. The numbers paint a stark picture: blogging has changed, but the blogging scene is in some ways in better shape than it was three years ago.The big picture is that total engagement with online content is growing while on-site engagement is declining in significance as off-site engagement like link sharing on social networks grows. Surprisingly, this off-site link sharing has also extended the lifespan of content.Highlights from the report include the following:Total reader engagement has grown 30% year over year or 69% total for the top 1,000 feeds, which includes blogs and mainstream news sites.For 100,000 randomly selected blog posts in each of 2007, 2008 and 2009…Engagement on-site has grown in absolute terms but the share of total engagment that happens on-site vs. off-site has dropped 50%.Trackbacks have fallen from 19% of engagement to 3% of engagement.Engagement on social networks like but not limited to Twitter, FriendFeed and Facebook has grown from 1% to over 29% of total engagement. The Postrank staff admitted that this was a surprisingly low number but said that in aggregate there is still a whole lot of activity going on outside social networks.Segmenting from the last amount of effort required up to the most, reader engagement now looks like this: 29% is link-sharing on social networks, 29% is bookmarking or voting on sites like Delicious, Digg and Reddit, 38.5% is comments on or off-site and trackbacks are now 3% of engagement. “Trackbacks are taking a nose dive,” Postrank CTO Ilya Grigorik told us by phone, “bookmarking sites have consistently gone down over the last 3 years, but voting on sites like Digg or Reddit has grown.”Perhaps most significantly, blog posts now have a longer life span. In 2007 tracked posts saw 94% of engagement within the first day and 98% of that first day’s engagement happened within the first hour. In 2008 that number fell to 83% within the first day and in 2009 it was a mere 64%. Thus Postrank concludes that 36% of reader engagement in the top blogs happens after 1 day. “While the real-time web is all about lowering the latency,” Grigorik says, “the pervasive nature and number of people engaged in their communities and conversations (the Social Web) is helping with information discovery. People are worried that the real-time web will destroy their readership as everyone just gets distracted by the newest shiny thing on Twitter, but the numbers show something very different. It’s so easy to spread information now that it lasts longer and finds more niches – this trend is helping content travel further.” marshall kirkpatrick Why Tech Companies Need Simpler Terms of Servic… 8 Best WordPress Hosting Solutions on the Market