From the start of QM to the end of quantitative easing, the past year saw plenty of big news in the mortgage and financial markets. As the new year rolls in, MReport is taking a look at some of the biggest servicing headlines of 2014.
- CFPB Deputy Draws Fire with 'Ill-Timed' Criticisms: If there's one lesson that CFPB Deputy Director Steven Antonakes learned earlier this year, it's "know your audience." In February, the official kicked off a Mortgage Bankers Association event with cutting remarks directed at servicers. In this piece, Five Star Institute president and CEO Ed Delgado responded with comments of his own.
- CFPB Proposes Publishing Consumer Complaint Narratives: In another controversial move, the bureau proposed in July a new rule that would allow consumers to publish narrative accounts of their servicer complaints in a public-facing database. The reaction from the industry was swift.
- State Regulators Launch Mortgage Servicing Rights Task Force: In response to the rapid growth of non-bank mortgage servicing companies, a group of state regulators came together to analyze recent developments in that arena and come up with recommendations for a set of standards.
- CFPB Proposes to Expand Foreclosure Protections: In November, CFPB made news again by rolling out a new set of proposals designed to add to and clarify its earlier servicing rules. Chief among the proposed rules would be a requirement that servicers must provide additional foreclosure protections to borrowers who have already worked through the loss mitigation process previously.
- Ocwen Reaches Settlement with New York Regulator: After a year of investigations and regulatory actions, Ocwen finally struck a settlement with the New York Department of Financial Services. Among other provisions, the terms included $150 million to be paid for consumer relief efforts—and the resignation of company founder and executive chair Bill Erbey.