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

In the News

Lenders, Start Your Engines: NASCAR Mortgage Sponsorships Return

Things can't be too bad in the mortgage industry when companies are getting back into NASCAR sponsorships, right?

LendingTree announced Thursday it would sponsor the rookie driver Parker Kligerman in Sunday's Daytona 500. LendingTree joins Quicken Loans among the first mortgage brands to re-emerge as NASCAR sponsors after the housing crisis.

Given the number of now-defunct former racing sponsors from the mortgage industry – FirstPlus, Argent and Ameriquest come to mind – it may be surprising to see companies re-enter the sport. But the reasons that drove those subprime lenders' sponsorship strategies are still relevant in today's industry.

"NASCAR's fans are fiercely loyal. They understand that sponsorships make their sport possible and they embrace those companies in the sport," says Aaron Emerson, a spokesman for Quicken Loans.

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'Single Point of Contact' Not Enough When Handling Troubled Loans

By now, every servicer appreciates the Consumer Financial Protection Bureau's single-point-of-contact expectations and the importance of using this staffing model to manage distressed borrowers.However, in order to outperform, servicers must go beyond SPOC and develop a “case ownership” perspective that more closely links all the people involved in servicing a borrower’s loan.

To most servicers, SPOC refers simply to a communication liaison between the borrower and other groups within the servicing organization. The SPOC representative is traditionally a task manager who has little authority to make decisions. Case ownership, on the other hand, supports the SPOC within a more end-to-end approach in which everyone within the servicing organization treats each borrower as a case rather than just another isolated item that they deal with when it is their turn. 

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CFPB Fines Lender Over Settlement Fees

The Consumer Financial Protection Bureau levied a $83,000 civil money penalty on Monday against Connecticut-based First Alliance Lending, a specialty firm that focuses on providing loss-mitigation financing to distressed borrowers.

The agency said the lender violated the Real Estate Settlement Procedures Act by improperly splitting revenues and fees with affiliates of a hedge fund it used to finance loans. The hedge fund received payments from 83 First Alliance loans made during a seven-month period ending in April 2012.

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New York Regulators Question Ocwen's Business Ties

New York regulator Benjamin Lawsky raised concern about conflicts of interest in mortgage servicer Ocwen Financial's business relationships, warning that a "tangled web of conflicts could create incentives that harm borrowers and push homeowners unduly into foreclosure."

The New York Department of Financial Service superintendent demanded that Ocwen provide additional information and documentation about its ties to a group of companies chaired by William Erbey, who is also Ocwen's executive chairman. The affiliated companies are Altisource Portfolio Solutions, Altisource Residentail Corp., Altisource Asset Management Corp. and Home Loan Servicing Solutions.

Members of Ocwen's management team currently own stock or stock options in the group of Altisource companies, Lawsky said in a letter to Ocwen's general counsel released Wednesday.

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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.

Find out more