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

In the News

Reset Risk Worse than Expected for Underwater HELOCs: RealtyTrac | News

Home prices have not recovered enough to protect the states with high concentrations of home equity lines of credit whose rates are scheduled to reset in the next few years.

Forty percent of these HELOCs were seriously underwater in 2014, and this year more than half of these loans will have loan-to-value

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OCC Crackdown Shows Continued Failures in Mortgage Servicing

Four years after the nation's largest mortgage servicers were ordered to clean up their foreclosure processes, many are still falling short of their obligations.

Six banks, including JPMorgan Chase, U.S. Bancorp and Wells Fargo, have not fully complied with consent orders related to the independent foreclosure review that began in 2011, the Office of the Comptroller of the Currency said Wednesday. The servicers were cited for a variety of issues including failing to respond to borrower requests for loan modifications, not making a good-faith effort to prevent foreclosures and not having compliance systems in place to track their progress.

The punishment for these infractions was harsh: Wells Fargo, the largest U.S. lender, and HSBC Holdings, Europe's largest bank, are prohibited from acquiring mortgage servicing rights, entering into new servicing contracts or offshoring servicing activity until the consent orders are terminated. Four banks - JPMorgan in New York, EverBank Financial in Jacksonville, Fla., Santander Holdings, the US unit of Spain's Banco Santander, and U.S. Bancorp, in Minneapolis - must each get approval from the OCC to acquire mortgage servicing rights and enter into new contracts, including outsourcing, sub-servicing or offshoring.

All six banks are restricted from appointing new officers responsible for residential mortgage servicing, and servicing risk management and compliance until the orders are terminated.

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How to Stay Afloat in the Coming HELOC Reset Tidal Wave | News

Resetting home equity lines of credit to the tune of $150 billion over the next 48 months, combined with a near-certain increase in short term interest rates over that same period, could very well be a bad situation for institutions who hold these assets.

Simply creating a preemptive solution, or series of

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OCC Tightens Restrictions on JPM, Wells Over Mortgage Servicing

WASHINGTON — Six banks including JPMorgan Chase and Wells Fargo have been placed under further business restrictions after the Office of the Comptroller of the Currency determined they had yet to fully meet regulatory orders related to the independent foreclosure review which began in 2011.

The agency said Wednesday that six out of nine banks that were still under orders from the foreclosure review process must now comply with additional business restrictions that limit new servicing contracts, acquisitions and outsourcing. The restrictions vary for each bank but the OCC banned promotions of senior officers in the mortgage servicing operations at all of the banks. The remaining four institutions cited by the OCC are HSBC Bank USA, Santander Bank, U.S. Bank and EverBank.

A top OCC official indicated during a conference call Wednesday that regulators' patience was running thin for those six banks, which face possible enforcement actions for not meeting the amended orders on time.

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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