Foreclosures

An agency report said servicing portfolios have shrunk by nearly half in 10 years as much of the mortgage market has shifted to nonbanks.

Wells Fargo will lay off 1,000 workers primarily from its mortgage unit in the first major round of a previously announced plan to cut the bank's workforce by as much as 10% over the next three years.

The bank recently notified an upstate New York man that he was wrongly denied a mortgage modification, and enclosed a $25,000 check. But details of what went wrong have been hard to come by.

The bank says a calculation error led it to deny help to distressed homeowners; a former U.S. deputy attorney general will help with in the 1MDB fraud scandal.

The Federal Housing Administration is making it easier for reverse mortgage servicers to submit insurance claims by expanding the types of supporting documentation it will accept on defaulted loans.

Fannie Mae and Freddie Mac issued new capital requirements for private mortgage insurers that will create big swings in carriers' asset reserves.

The new policy, meant to assist borrowers in Puerto Rico and the U.S. Virgin Islands, will let servicers evaluate borrowers using pre-disaster payment information.

Lending to problematic or serial evictors can cause people to be pushed out of their homes in the name of profits. Banks must adopt standards against this practice.

The bank continues to battle a series of negative headlines such as erroneous foreclosures, but public and investor reaction has been muted.

The Fed's order targets affidavits prepared by employees of CitiFinancial in connection with the company's exiting the mortgage servicing business.