Joseph A. Smith, the monitor overseeing servicers' compliance with last year's National Mortgage Settlement, filed reports on how the institutions involved with the settlement are dealing with the agreement. "My testing confirmed six fails in the first quarter of 2013 and one in the second quarter of 2013," Smith said in a statement issued Wednesday, adding that the "banks are all taking action to address the failures through detailed corrective action plans."
Read More »Research Finds Room for Improvement in Online Mortgage Experience
According to Change Sciences' findings, mortgage sites as a whole are "less usable" than sites providing traditional e-commerce offerings, such as Amazon and Walmart. Compared to other financial sites, mortgage domains rank about average; they fall short when put against personal finance sites. "Many mortgage sites are missing an opportunity to establish a meaningful rapport with mortgage shoppers," Change Sciences said in its report.
Read More »JPMorgan, Feds Reach Record $13B Deal on RMBS Claims
After weeks of speculation from market watchers and analysts, JPMorgan Chase announced it has finalized a $ 13 billion deal with the Justice Department.
Read More »JPMorgan Working on $4.5B Deal with RMBS Investors
JPMorgan Chase announced Friday it has reached an agreement to pay billions of dollars to resolve claims from investors related to collapsed RMBS issued between 2005-2008.
Read More »Customer Satisfaction with Originators Rises, Quicken’s Reign Continues
Customer satisfaction with mortgage loan originators reached a seven-year high this year with Quicken Loans earning the highest ranking for the fourth year in a row, according to the J.D. Power 2013 U.S. Primary Mortgage Origination Satisfaction Study. Five originators earned scores above the industry average. Topping the list was Quicken Loans with a score of 841 out of 1000. The remaining four lenders to outrank the industry average are BB&T (798), U.S. Bank (783), PNC Mortgage (778), and Chase (773).
Read More »Lending Leaders Tackle QM Hurdles in Panel Discussion
When it comes to next year's regulatory obstacles, CEOs and senior executives from the mortgage industry's biggest players agree on one thing: Education will be key to keeping business going. In a panel at the 2013 Realtors Conference and Expo, high-level names from Quicken Loans, Wells Fargo Home Mortgage, JPMorgan Chase, and Bank of America discussed the qualified mortgage (QM) guidelines. While the initial implementation of these rules is expected to restrict lending in the short-term, panelists agreed that business should even out.
Read More »JPMorgan-Led Effort to Employ Military Veterans Nears Goal
A private-sector initiative launched by JPMorgan Chase in early 2011, the 100,000 Jobs Mission, is less than 8,000 positions from its goal. Member companies have collectively hired 92,869 U.S. military veterans through the third quarter of 2013, the organization recently reported.
Read More »Ally Announces Settlements with FHFA, FDIC
Ally Financial Inc. announced Tuesday the bank has reached settlements with the Federal Housing Finance Agency (FHFA) and FDIC for all pending litigation related to toxic mortgages.
Read More »JPMorgan, FHFA Settle on $5.1B Deal over Soured Loans
JPMorgan Chase announced it has come to agreements to close the book on claims surrounding mortgage-backed securities and rep and warranty repurchase claims from FHFA and the GSEs.
Read More »Report: JPMorgan, Feds Negotiate $13B Settlement
JPMorgan Chase is reportedly set to pay a record $13 billion to the government to settle questions surrounding its sale of bonds backed by poor loans. An unidentified source reportedly told Bloomberg that JPMorgan CEO Jamie Dimon discussed the deal on Friday with U.S. Attorney General Eric Holder. According to that source, the discussed deal does not release the bank from potential claims of criminal liability at the insistence of Holder, who earlier this year remarked that some institutions may be "too big to jail."
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