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Law Firms and Servicers Converge

Representatives from the leading mortgage servicers and default servicing law firms in the U.S. met to discuss issues currently impacting business. Attendees listed to several panels and speakers to learn more about changes and issues the industry faces.

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The New Age of Servicing

Proactive and novel approaches prove key to properly servicing loans—and the next generation of borrowers—in this era of rising rates, shifting purchase trends, a freshly implemented administration, an evolving regulatory environment, and rapidly accelerating technology.

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Buffett Weighs in on Wells Fargo Scandal

Warren Buffett weighed in on the recent Wells Fargo scandal, which saw its sales reps create fake accounts in order to meet quotas, at a recent Q&A with Berkshire Hathaway shareholders. According to the billionaire, the bank incentivized the "wrong kind of behavior," and CEO John Stumpf should've acted sooner. Buffett also covered the firm's recent earnings report and expected corporate tax cuts.

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GSEs Work to Assist Underserved Markets

On Monday, Fannie Mae and Freddie Mac released their proposed Duty to Serve (DTS) plans. The purpose of the plan is to better serve some persistent affordable housing problems in the U.S. DTS is a Federal Housing Finance Agency plan which requires Fannie and Freddie to increase the availability of mortgage financing in rural housing, manufactured housing, and affordable housing preservation in order to serve very low- to moderate-income families.

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CFPB: Ocwen Can’t Expedite Constitutionality Ruling

The Consumer Financial Protection Bureau (CFPB) has denied Ocwen Financial Corporations’s attempt to expedite a court ruling on the constitutionality of the Bureau. The CFPB said that the mortgage servicer shouldn’t get special treatment in the case, alleging it failed “every stage of the mortgage servicing process.” The CFPB attempted to block Ocwen’s expediting attempt by telling a Florida federal court to deny Ocwen’s attempt at fast-tracking its constitutional challenge against the agency’s structure.

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Millennials Head (Mid) West

According to Ellie Mae’s most recent Millennial Tracker for March, millennial homebuyers are moving to the Midwest. Homes in Midwestern states have proven to be more affordable, and Mount Vernon, Illinois was the most popular metropolitan area for homes purchased by millennial buyers. Other popular cities for millennials included Midland, Texas and Odessa, Texas.

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Ocwen Gets Good News; Shares Spike

Ocwen's shares are finally starting to recover since the CFPB and 21 states filed suit against it last month. Following an announcement that New Residential Corporation will acquire Ocwen's mortgage servicing rights, the company's stock rose 46 percent at one point, reaching $3.32 at its highest. Ocwen's shares had dropped more than 50 percent after April's legal allegations.

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Deadline for Shareholders to Pursue Claims Against Ocwen Looms

Tripp Levy PLLC announced on Monday that the deadline for investors to pursue their claim against Ocwen in the class action lawsuit is approaching. These investors seek to recover compensation damages caused by Ocwen’s violations of the Securities Exchange Act, and those that purchased shares of Ocwen during the period between May 11, 2015 and April 19, 2017 are encouraged to contact the firm soon.

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Discussing Diversity in the Mortgage Industry

On May 11, the second annual Five Star Diversity Symposium will be held in Dallas, Texas. The Diversity Symposium is a day-long event focused on advancing the conversation on diversity within the mortgage industry, and will feature keynote addresses from diversity leaders as well as roundtable discussions and panels.

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Flagstar Sees Q1 Revenue Bump

Flagstar Bank is seeing growth across its mortgage service lines, according to the Q1 2017 earnings report released by the bank on Wednesday. Flagstar’s commercial real estate loans jumped 11 percent from Q1 2016 and 58 from Q4 2016. The bank’s mortgage revenues are also up, rising 19 percent for the quarter.

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