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Home >> News >> Servicing

Research Highlights Racial Disparities Found in Servicing, Lending, & Credit Access

Research Highlights Racial Disparities Found in Servicing, Lending, & Credit Access

-+*The wealth gap among Americans widened dramatically after the housing market collapse. This placed many black homeowners at a huge economic disadvantage, leaving them with limited access to servicing, lenders, and credit. New research by the Social Science Research Council (SSRC) and the American Civil Liberties Union (ACLU) found that all households lost wealth from 2007 to 2009 at the height of the housing bust and recession. However, in 2009, median white household wealth ceased to decrease, while median black household wealth dropped steadily.

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Keeping Up with the Customer: Evolving the Retail Business Model to Stay Ahead of the Curve

Keeping Up with the Customer: Evolving the Retail Business Model to Stay Ahead of the Curve

-+*In today’s environment, all retail lenders should be asking themselves, “What value am I truly offering a borrower?” We know that more and more consumers use an online, self-service option when making any retail purchase —mortgages included. When such convenience is available, why would a customer pay more to get a home loan from a retail lender instead? When faced with these questions, it is important to evolve your retail business model to stay ahead of the curve. Editor's note: This select print feature appeared in the June 2015 edition of MReport magazine, available now.

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BSI Financial Aims to Expand Management by Recruiting Three New Executives

BSI Financial Aims to Expand Management by Recruiting Three New Executives

-+*BSI Financial Services (BSI Financial) recently announced three new appointments to its management team so that the company can prepare for growth in its core servicing and related business lines. John Lawrence assumes the position of EVP and Chief Servicing Officer, Akshay Singh is named Managing Director for Strategy and Corporate Development, and Michael Whitfield is also named VP for Loan Administration.

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JPMorgan Chase Not Responsible For WaMu’s Pre-September 2008 Liabilities, Judge Rules

JPMorgan Chase Not Responsible For WaMu’s Pre-September 2008 Liabilities, Judge Rules

-+*A federal judge has ruled that the Federal Deposit Insurance Corp., is liable for facing certain legal claims that FDIC-insured JPMorgan Chase inherited from its 2008 acquisition of Washington Mutual, according to media reports. JPMorgan acquired the failing Seattle-based bank for $1.88 billion in 2008 during the onset of the financial crisis, after the Office of Thrift Supervision seized Washington Mutual and appointed the FDIC as receiver.

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CFPB Warns that Reverse Mortgage Advertisements Can be Deceiving

CFPB Warns that Reverse Mortgage Advertisements Can be Deceiving

-+*The Consumer Financial Protection Bureau (CFPB) issued a warning to consumers today about the misleading effects of reverse mortgage advertisements. The Bureau released results of a focus group study on reverse mortgage advertisements and found that many participants were left confused about the product. The study found that after viewing the ads, consumers did not understand that reverse mortgages were actual loans. Instead, they were left under the false impression that reverse mortgages are government-issued program that would help consumers stay in their home for the rest of their lives.

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Clayton Holdings Welcomes New Senior Managing Director of Business Development

Clayton Holdings Welcomes New Senior Managing Director of Business Development

-+*Real estate and mortgage industry services provider Clayton Holdings has announced the hiring of Suzanne Singer as senior managing director of business development. Singer, who has a B.A. in Economics from The College of William and Mary, brings more than 20 years of experience in the mortgage industry to Clayton Holdings. Prior to coming to Clayton, she was the EVP of sales and marketing for Litigation Guard, a provider of mortgage-risk lending risk management tools and technology services.

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Texas and Oklahoma Borrowers to Receive Disaster Relief From Freddie Mac

Texas and Oklahoma Borrowers to Receive Disaster Relief From Freddie Mac

-+*In the wake of the recent storm disaster that swept through Texas and Oklahoma in late May, Freddie Mac, one of the largest investors in residential mortgages, announced today in a press release that it will provide disaster relief polices for eligible residents. These policies are being offered to homeowners whose home were damaged or destroyed due to the incessant storms that affected these areas.

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New Legislation to Provide Main Street Bank Relief and Consumer Protection

New Legislation to Provide Main Street Bank Relief and Consumer Protection

-+*Democratic Members on the Senate Banking and House Financial Services Committees announced in a press release that new legislation will provide targeted relief to small financial institutions and protection for consumers. This legislation was introduced in both the House of Representatives and the United States Senate and has the unanimous support of Democratic Members of the respective committees.

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