In these days of peaks and troughs of the lending cycle, prudent mortgage professionals are keeping a close eye on compliance. The Servicemembers Civil Relief Act ranks high in list of regulatory requirements with some of the most severe consequences for failures. Setting up your compliance risk management system, policies, and handbooks for implementing the…
The Servicemembers Civil Relief Act permits active military personnel to terminate leases on residences and vehicles when they receive a permanent change of station order or a deployment order, provided that the period is longer than 90 days. Landlords and vehicle leasing companies cannot collect penalties (including late charges) as long as they are provided…
Nationstar Mortgage, the largest non-bank mortgage servicer in the United States, has settled a lawsuit with the federal Consumer Financial Protection Bureau for violating consumer protection laws. The settlement with Nationstar Mortgage, which does business as “Mr Cooper”, calls for a number of concessions and changes to how the company does business, including how it…
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