The Tennessee bank said it has bought Professional Mortgage in Greenville, S.C., which services about $1.1 billion of commercial mortgage loans for 23 correspondent life company lenders.
The Consumer Financial Protection Bureau said Wednesday that it would give mortgage servicers more time to notify distressed borrowers who have asked not to be contacted about the collection of their debts.
The Trump administration's Justice Department was expected to be less aggressive in its pursuit of False Claims Act cases against the mortgage industry. Instead, its focus has shifted to Federal Housing Administration-insured reverse mortgages.
State regulators felt they were strung along by the mortgage servicing giant Ocwen Financial after years of promises that were never fulfilled, resulting in successive enforcement actions against the company.
Ocwen Financial and its subsidiaries faced a slew of accusations from federal and state regulators on Thursday, which raised questions about whether the firm could survive.
Speaking at a town hall event in Washington, JPMorgan Chase CEO Jamie Dimon said that post-crisis regulations have made mortgages too costly for consumers — and made homeownership unattainable for borrowers with low incomes or blemished credit histories.
Chair of the Insolvency, Creditors' Rights and Financial Products Practice GroupDavis & Gilbert LLP
While there are inherent differences between student loan and mortgage servicing, recent claims against the largest student loan servicer echo the mortgage debacle.
