{"id":1513,"date":"2014-09-07T16:34:21","date_gmt":"2014-09-07T16:34:21","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2014\/09\/mortgage_transfers_to_nonbanks"},"modified":"2022-04-12T13:28:25","modified_gmt":"2022-04-12T18:28:25","slug":"mortgage-transfers-to-nonbanks","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/mortgage-transfers-to-nonbanks\/","title":{"rendered":"Mortgage Transfers to Nonbanks Get Closer Regulator Scrutiny"},"content":{"rendered":"

In the last two years, millions of borrowers with mortgages have been moved from banks to nonbanks. This can result in problems for home loan borrowers.<\/p>\n

A reason for this is that a lot of banks are getting rid of their mortgage servicing rights. 14 of the leading bank servicers, including JPMorgan Chase & Co. (JPM)<\/a>, Wells Fargo & Co. (WFC), and Bank of America (BAC)<\/a> have sold off over $1 trillion of these rights in the last two years. The primary buyers are nonbank servicers, which now handle one in every seven mortgages.<\/p>\n

The Consumer Financial Protection Bureau, which is engaged in the oversight of nonbanks, enacted regulations earlier this year that extended rules for banks to nonbank servicers that collect mortgage payments and deal with foreclosures and modifications. Last month, the bureau also put out guidance on new regulations that specifies the way loan transfers to nonbanks should be dealt with, including a provision mandating that buyers and sellers conduct meetings in at timely manner to talk about the continuity of service before a mortgage is handed off. Sales contracts also must stipulate that mortgage documents need to be given to the new servicer. However, a recently released CFPB statement reported that some nonbank services are billing customers incorrectly, not honoring approved modifications, and losing paperwork.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

In the last two years, millions of borrowers with mortgages have been moved from banks to nonbanks. This can result in problems for home loan borrowers. A reason for this is that a lot of banks are getting rid of their mortgage servicing rights. 14 of the leading bank servicers, including JPMorgan Chase & Co. […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3740],"tags":[3079],"class_list":["post-1513","post","type-post","status-publish","format-standard","hentry","category-miscellaneous","tag-mortgage-fraud"],"yoast_head":"\nMortgage Transfers to Nonbanks Get Closer Regulator Scrutiny — Investor Lawyers Blog — September 7, 2014<\/title>\n<meta name=\"description\" content=\"In the last two years, millions of borrowers with mortgages have been moved from banks to nonbanks. 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