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Top mortgage servicer facing scrutiny after ‘hundreds of complaints’

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Mortgage Professional America | 06 Mar 2014, 11:14 AM Agree 0
New York state regulators have received complaints of lost paperwork, improper fees and other servicing problems
  • Bob | | 06 Mar 2014, 11:51 AM Agree 0
    why do we spend so much on dollar amounts???? It is really the number of mortgages serviced that counts when discussing being 'overwhelmed' by the amount of business. Takes just as much time to service a million dollar mortgage as it does a 100,000 dollar mortgage.
  • Mandatory Modifications? | | 06 Mar 2014, 12:01 PM Agree 0
    Are mortgage modifications now mandatory with every mortgage made? (sarc.)

    Are hundreds of complaints even significant if there are millions of customers?

    So many 'victims' of 'mortgage practices', just to keep it good n' general for the uninformed masses.
  • phil | | 06 Mar 2014, 12:43 PM Agree 0
    I don't condone sloppy servicing, but when is the government going to stop harassing lenders? Every day we are attacked and painted as the bad boys and girls of the world and the slightest consumer complaint rises to a medieval inquisition. At our company a woman who was just plain nasty was given a free re finance so her mortgage could be sold and her farewell gift was her 4th complaint to NYS banking - resulting in legal and compliance inquiries, significant professional fees & at one point a regulator screaming at the CEO. The end result was NYS saw in the paperwork there was no merit and w/out word closed the inquiry. This is getting out of hand.

    If the government does not back off more and more lenders will close and there will be less and less credit available to consumers. And less entities to impose regulatory fees
  • Bill | | 06 Mar 2014, 12:46 PM Agree 0
    Nationstar lowered my ARM 1/4% then increased my monthly payment (P&I). Called them and didn't get an answer on the spot. They told me it would take 10 business days to have an answer. Tommorrow is day 10. will call and see what's up with this. Something tells me they may of decreased my length of note. Which in turn under mortgage modification rules can't be done.
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