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497 Hooksett Rd. #105
 Manchester, NH 03104 
Phone: (603) 685 4301

In the News

Ocwen Fails Loan Mod Compliance Test in Mortgage Settlement

Ocwen Financial failed a test to determine whether it had notified borrowers of missing or incomplete documents for loan modifications in a timely manner, according to the national mortgage settlement monitor.

Joseph A. Smith Jr., the settlement monitor, plans to file a report Thursday with the U.S. District Court for the District of Columbia outlining corrective actions taken by Ocwen, which passed eight other tests.

Ocwen reported preliminary first-quarter earnings last week in which it said it does not expect to face any fines or actions from regulators that would have a material impact on its results.

In December, Smith launched an investigation of Ocwen saying he could not rely on the Atlanta servicer's internal review process.

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CFPB Uncovers Problems in Credit Reporting, Next Steps Unclear

WASHINGTON More than 26 million consumers are effectively "credit invisible" because they have no credit record and another 19 million are "unscored" because they have an insufficient or stale credit history, according to a report released Tuesday by the Consumer Financial Protection Bureau.

The study was part of the agency's ongoing efforts to examine the flaws in the credit reporting industry, but it was unclear how the new information will be used by the CFPB.

"What we're trying to do in this report, and other work that we're doing, is better understand the scope of credit reporting. And understand how it's affecting consumers, which consumers it's working well for, and which perhaps it may not be working as well for," said Ken Brevoort, section chief within the CFPB's Office of Research, during a conference call with reporters. The agency wants "to have a better understanding of exactly what interventions are possible in the regulatory space or perhaps, industry initiatives that may improve the functioning of these markets for the consumers' wellbeing."

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Raises for Fannie, Freddie CEOs Draw Attacks from White House

President Obama's administration has joined Democratic and Republican lawmakers in attacking potential raises for the top executives of Fannie Mae and Freddie Mac.

"The reason these entities are different than some of the financial entities you see in the private sector is they benefit significantly from a backstop that is provided by the taxpayer," White House press secretary Josh Earnest told reporters Tuesday at a briefing in Washington.

The mortgage giants, which have operated with explicit U.S. backing since 2008, were told by their regulator, the Federal Housing Finance Agency, that they could consider submitting proposals for new pay plans for Fannie Mae Chief Executive Officer Timothy Mayopoulos and Freddie Mac CEO Don Layton, who each made $600,000 last year even as some senior employees made higher amounts.

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Nationstar Posts $48M Loss, Announces SolutionStar Transformation

Nationstar Mortgage Holdings swung to a significant loss as the servicing segment's income fell due to higher prepayments amidst the decline in interest rates and lower benefits.

Dallas-based Nationstar reported a $48 million net loss for the first quarter, as compared with net income of $24 million and $19 million for the first and fourth quarters of 2014, respectively. Losses per share totaled 53 cents versus the average estimate of analysts polled by Bloomberg of 73 cents in earnings per share.

The servicing segment's $105.7 million loss largely caused the overall net loss the company posted for the first quarter. Prepayments in the servicing segment rose by $17 million. Additionally, the segment experienced a $110 million decrease in fair value mark-to-market adjustments. The servicing portfolio grew 2%, however, during the quarter to $390 billion, following $24 billion in acquisitions.

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Company Contact

Stellionata Consulting, LLC

497 Hooksett Rd. #105

Manchester, NH 03104

Phone: (603) 685 4301

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Chain of Title

A few years ago, there was a lot of media hype about "producing the original note." There was almost equal response from the mortgage/foreclosure industry that the original note wasn't important and that reasonable facsimiles that were attested to as being "true and accurate copies of the original" were/are good enough to demonstrate that the current "bearer" of the copy is the rightful note holder and, therefore, has title and interest in the promissory note and has legal standing to foreclose.

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