Servicing

Commentary is an ongoing series on theMReport.com that focuses on opinions, ideas, and insights from experts across mortgage banking. This advisory piece features Tim Anderson, director of eServices for DocMagic, Inc., providing a final checklist to ensure mortgage lenders and servicers are fully prepared for TRID and avoid costly fines.

Walter Investment Management Corp., has agreed to pay $29.63 million to resolve allegations that the company and its subsidiaries submitted false reverse mortgage loan claims, the Justice Department announced on Friday.

The Federal Housing Administration's proposed servicing reforms are limiting credit access to borrowers by altering the time frame for filing insurance claims.

Ocwen Financial has enjoyed a couple of favorable outcomes in the last week after a tumultuous 2014 and first half of 2015, with positive reports from Wells Fargo certificate holders and an independent monitor.

Monitor of the National Mortgage Settlement, Joseph A. Smith, Jr. concluded his investigation of Ocwen Financial's Internal Review Group with the determination that issues surrounding the Atlanta-based servicer's IRG have been "sufficiently addressed," according to an announcement from Smith's office.

With no fundamental changes to the origination process in decades, the lost efficiency, increasing costs and decreasing profits, combined with ever-merging regulatory hurdles, have left a gap in the mortgage industry to be filled by "disruptors."

Green Tree Servicing is merging with Ditech Mortgage Corp., according to an announcement on Thursday from Green Tree. The merge will be effective August 31, 2015.

Ocwen Financial Corp. reported a net income of $10 million, or $0.08 per share, for the three months ended June 30, 2015, according to the company’s Q2 earnings statement.

Old Republic Title Insurance Group, Inc., recently announced that its Old Republic Default Management Services operation will now operate under the new name of Old Republic Servicing Solutions.

Nationstar Mortgage Holdings rebounded from a $48 million net loss in the first quarter this year to post a net income of $75 million ($0.69 per share) for the second quarter in the company's Q2 2015 earnings statement released Thursday.