118:'s Administration on mortgage servicers to permanently modify thousands of loans to make them more affordable and prevent foreclosures, allegations arose that the servicers had an apparent conflict of interest which led them to stop or slow the modification process in many cases. Industry insiders and legal experts cited the lucrative fees which mortgage servicers charge to delinquent homeowners as the main reason behind the slow and difficult process of modifying a mortgage.
1220:
1246:
1233:
179:
on as many as 14 families. Facing pressure from a United States Marine's lawsuit over the violations, Chase announced that it would work to reverse the illegal foreclosures and was mailing $ 2 million to the 4,000 military families as compensation, implying the mortgage bank overcharged each family
38:
payments and which performs other services in connection with mortgages and mortgage-backed securities. The mortgage servicer may be the entity that originated the mortgage, or it may have purchased the mortgage servicing rights from the original mortgage lender. The duties of a mortgage servicer
253:
found that the bank had incorrectly charged excess interest on the related mortgages on two separate occasions. During one period of time, the interest rate on the mortgage was to be fixed at 5.65%, but NAB incorrectly charged 5.85%. At another point during the servicing of the mortgage, National
167:
military members from civil court proceedings (such as foreclosure) while serving their country. The SCRA also limits the interest rate which an active-duty military member can be charged on any outstanding debt (secured before their deployment) to 6% (six percentage points). In spite of these
126:
In
October 2010, many major mortgage servicers in the United States came under intense media and government scrutiny for their alleged mishandling of the large amount of foreclosures moving through the court system. Allegations included foreclosures being processed with missing or questionable
241:
In
Ireland, 436 mortgage holders with Allied Irish Bank learned in 2009 they were overcharged by an average of €900. In a statement, the bank claimed, "The error happened when customers were charged an interest rate that did not match the loan-to-value ratio on their account."
258:. Even if the Australian bank had a legitimate reason to charge such a default rate, that rate should have only been an additional 4%, not 14% according to Justice Stephen Rothman's judgement. The entire proceedings lasted six years.
189:
sent a letter to several large lending institutions demanding they review their operations in order to safeguard active-duty military members from illegal mortgage overcharges and fraudulent foreclosures. Those institutions included
168:
special protections granted to active-duty military members, news reports surfaced in which large mortgage servicers and investment banks illegally overcharged military families with members on active duty on their mortgages.
175:, the United States' second-largest bank based on market share, admitted that it had illegally overcharged some 4,000 active-duty military members on their home mortgage and accidentally
443:
89:
transactions. Banking organizations often perform mortgage servicing not only for mortgages they originate but for others where they have purchased the servicing rights.
521:
469:
61:
Many borrowers confuse their mortgage servicer with their lender. A mortgage servicer may be a borrower's lender, but often the beneficial rights to the payment of
135:," the practice of paying under-qualified personnel to sign hundreds or thousands of foreclosure documents a day, often without properly reviewing the documents.
222:
The controversy over mortgage servicing mistakes is not confined to the United States. Over 18,000 British homeowners holding adjustable rate mortgages with
421:
39:
vary, but typically include the acceptance and recording of mortgage payments; calculating variable interest rates on adjustable rate loans; payment of
132:
1204:
447:
151:
subcommittee on housing issues will hold a hearing on
November 18, 2010 to examine problems emerging in the mortgage servicing industry.
1159:
395:
254:
Australia Bank incorrectly charged a "default" interest rate of 20%, when it should have charged less than 6%, as the loan was not in
230:
found in July 2010 that their monthly variable interest rates had been miscalculated by a software error. The resulting corrected
665:
1174:
148:
564:
1164:
143:
The alleged problems regarding foreclosure fraud were so widespread and popularized by the media that U.S. Congresswoman
1189:
17:
102:
In July 2009, the mortgage servicing industry received criticism for many servicers' apparent unwillingness to modify
987:
670:
250:
495:
160:
54:
accounts; negotiations of workouts and modifications of mortgage upon default; and conducting or supervising the
245:
An
Australian businessman who owned 3 blocks of property with several business partners won a judgement against
180:
an average of $ 500 on their mortgage. Lawsuits regarding the overcharges are still pending as of
January 2011.
1144:
1124:
589:
1250:
288:
1154:
1098:
703:
131:
on the part of the investment bank), falsifying dates and other information in foreclosure documents and "
1103:
1093:
660:
760:
650:
708:
605:
557:
183:
103:
620:
323:
1236:
902:
791:
640:
246:
154:
1002:
962:
728:
203:
348:
1063:
1043:
1017:
1007:
967:
835:
796:
698:
655:
645:
630:
610:
234:
schedule for their mortgage resulted in increased payments on an average of several hundred
1224:
977:
907:
770:
713:
635:
625:
615:
550:
8:
1134:
957:
952:
786:
691:
686:
373:
1184:
1058:
1012:
992:
825:
806:
748:
723:
164:
121:
1272:
1088:
897:
880:
840:
765:
755:
733:
718:
255:
1108:
1083:
982:
924:
885:
845:
522:"National Australia Bank rips off Sydney family but GE Money holds off on eviction"
972:
919:
231:
227:
195:
172:
1199:
1179:
1139:
1078:
860:
830:
235:
223:
207:
128:
86:
1266:
997:
929:
914:
743:
422:"JPMorgan Mails $ 2 Million to Military Families for Overcharges, Lost Homes"
211:
155:
Illegal foreclosures and mortgage overcharges on active-duty military members
144:
111:
35:
1169:
1068:
1053:
1027:
850:
816:
115:
1194:
1048:
870:
865:
738:
573:
199:
176:
107:
74:
55:
1149:
1022:
186:
97:
78:
70:
470:"Home owners face higher mortgage payments after bank miscalculation"
191:
44:
1129:
1073:
875:
801:
584:
122:
Accusations of "robo-signing," foreclosure document fraud
82:
66:
48:
934:
51:
542:
444:"DOJ Investigating Violations Of Military Lending Protections"
890:
40:
396:"A Law Gets Lost; Creditors Press Troops Despite Relief Act"
217:
855:
419:
62:
98:
Reluctance to modify mortgages, prevent foreclosures
291:. Federal Deposit Insurance Corporation. 1992-11-02
27:
Company that handles mortgage payments and services
420:Kopecki, Dawn; Margaret Cronin Fisk (2011-01-18).
374:"House panel sets hearing on foreclosure problems"
349:"Flawed Paperwork Aggravates a Foreclosure Crisis"
324:"Lucrative Fees May Deter Efforts to Alter Loans"
1264:
34:is a company to which some borrowers pay their
446:. Fox Business News. p. 1. Archived from
127:paperwork (including paperwork showing proper
1205:List of housing markets by real estate prices
558:
496:"Customers with AIB mortgages hit for €900"
467:
69:on mortgages are sold to investors such as
1245:
565:
551:
393:
218:International Mortgage Servicing Problems
138:
321:
14:
1265:
493:
441:
163:(SCRA) of 2003 protects United States
149:United States House of Representatives
546:
519:
289:"FDIC Law, Regulations, Related Acts"
1232:
85:, and private investors in mortgage
106:held by homeowners on the verge of
24:
1190:Undergraduate real estate programs
114:. Despite pressure from President
25:
1284:
988:Investment rating for real estate
204:PNC Financial Services Group Inc.
1244:
1231:
1219:
1218:
468:Butterworth, Myra (2010-07-21).
376:. Reuters. 2010-10-19. p. 3
251:Supreme Court of New South Wales
92:
572:
513:
487:
461:
394:Henriques, Diana (2005-03-28).
161:Servicemembers Civil Relief Act
1145:Graduate real estate education
590:Tertiary sector of the economy
494:Sheehy, Clodagh (2009-09-11).
435:
413:
387:
366:
341:
315:
302:
281:
268:
13:
1:
322:Goodman, Peter (2009-07-29).
312:, §11:6 (Thomson West, 2013).
261:
1099:Real estate investment trust
704:Extraterrestrial real estate
442:Benoit, David (2011-01-28).
7:
1104:Real property administrator
1094:Real estate investment club
276:Mortgage-Backed Securities,
10:
1289:
761:Private equity real estate
520:Rolfe, John (2010-10-21).
310:Mortgage-Backed Securities
278:§3:1 (Thomson West, 2013).
1213:
1117:
1036:
943:
815:
779:
709:International real estate
679:
598:
580:
184:Delaware Attorney General
104:adjustable rate mortgages
308:Lemke, Lins and Picard,
274:Lemke, Lins and Picard,
212:Goldman Sachs Group Inc.
58:process when necessary.
903:Real estate transaction
792:Real estate development
355:. 2010-10-03. p. 2
247:National Australia Bank
1003:Real estate derivative
963:Effective gross income
729:Healthcare real estate
424:. Bloomberg. p. 1
249:in 2010, in which the
139:Congressional hearings
1160:Industry trade groups
1064:Exclusive buyer agent
1018:Real estate valuation
1008:Real estate economics
968:Gross rent multiplier
797:Real estate investing
699:Corporate Real Estate
200:Wells Fargo & Co.
196:Bank of America Corp.
978:Highest and best use
944:Economics, financing
908:Real estate contract
802:Real estate flipping
771:Residential property
714:Lease administration
666:United Arab Emirates
958:Capitalization rate
953:Asset-based lending
787:Property management
692:Commercial building
687:Commercial property
147:announced that the
1185:Real estate trends
1089:Real estate broker
1059:Chartered Surveyor
1013:Real estate bubble
993:Mortgage insurance
826:Adverse possession
749:Luxury real estate
724:Garden real estate
400:The New York Times
353:The New York Times
328:The New York Times
208:Ally Financial Inc
18:Mortgage servicers
1260:
1259:
898:Property abstract
881:Land registration
841:Concurrent estate
766:Real estate owned
756:Off-plan property
734:Vacation property
719:Niche real estate
214:'s Litton Loans.
171:In January 2011,
32:mortgage servicer
16:(Redirected from
1280:
1248:
1247:
1235:
1234:
1222:
1221:
1165:Investment firms
1084:Property manager
983:Home equity loan
886:Leasehold estate
846:Conditional sale
567:
560:
553:
544:
543:
537:
536:
534:
533:
517:
511:
510:
508:
507:
491:
485:
484:
482:
481:
465:
459:
458:
456:
455:
439:
433:
432:
430:
429:
417:
411:
410:
408:
407:
391:
385:
384:
382:
381:
370:
364:
363:
361:
360:
345:
339:
338:
336:
335:
319:
313:
306:
300:
299:
297:
296:
285:
279:
272:
21:
1288:
1287:
1283:
1282:
1281:
1279:
1278:
1277:
1263:
1262:
1261:
1256:
1209:
1113:
1032:
973:Hard money loan
945:
939:
920:Rent regulation
811:
775:
675:
594:
576:
571:
541:
540:
531:
529:
518:
514:
505:
503:
492:
488:
479:
477:
466:
462:
453:
451:
440:
436:
427:
425:
418:
414:
405:
403:
392:
388:
379:
377:
372:
371:
367:
358:
356:
347:
346:
342:
333:
331:
320:
316:
307:
303:
294:
292:
287:
286:
282:
273:
269:
264:
228:Clydesdale Bank
220:
192:Citigroup, Inc.
173:JP Morgan Chase
157:
141:
124:
100:
95:
28:
23:
22:
15:
12:
11:
5:
1286:
1276:
1275:
1258:
1257:
1255:
1254:
1251:List of topics
1241:
1228:
1214:
1211:
1210:
1208:
1207:
1202:
1200:Urban planning
1197:
1192:
1187:
1182:
1180:Property cycle
1177:
1172:
1167:
1162:
1157:
1152:
1147:
1142:
1140:Gentrification
1137:
1132:
1127:
1121:
1119:
1115:
1114:
1112:
1111:
1106:
1101:
1096:
1091:
1086:
1081:
1079:Moving company
1076:
1071:
1066:
1061:
1056:
1051:
1046:
1040:
1038:
1034:
1033:
1031:
1030:
1025:
1020:
1015:
1010:
1005:
1000:
995:
990:
985:
980:
975:
970:
965:
960:
955:
949:
947:
941:
940:
938:
937:
932:
927:
922:
917:
912:
911:
910:
900:
895:
894:
893:
883:
878:
873:
868:
863:
861:Eminent domain
858:
853:
848:
843:
838:
833:
831:Chain of title
828:
822:
820:
819:and regulation
813:
812:
810:
809:
804:
799:
794:
789:
783:
781:
777:
776:
774:
773:
768:
763:
758:
753:
752:
751:
746:
741:
736:
731:
726:
716:
711:
706:
701:
696:
695:
694:
683:
681:
677:
676:
674:
673:
671:United Kingdom
668:
663:
658:
653:
648:
643:
638:
633:
628:
623:
618:
613:
608:
602:
600:
596:
595:
593:
592:
587:
581:
578:
577:
570:
569:
562:
555:
547:
539:
538:
512:
486:
460:
434:
412:
386:
365:
340:
314:
301:
280:
266:
265:
263:
260:
224:Yorkshire Bank
219:
216:
156:
153:
140:
137:
129:chain of title
123:
120:
99:
96:
94:
91:
87:securitization
26:
9:
6:
4:
3:
2:
1285:
1274:
1271:
1270:
1268:
1253:
1252:
1242:
1240:
1239:
1229:
1227:
1226:
1216:
1215:
1212:
1206:
1203:
1201:
1198:
1196:
1193:
1191:
1188:
1186:
1183:
1181:
1178:
1176:
1173:
1171:
1168:
1166:
1163:
1161:
1158:
1156:
1153:
1151:
1148:
1146:
1143:
1141:
1138:
1136:
1133:
1131:
1128:
1126:
1123:
1122:
1120:
1116:
1110:
1107:
1105:
1102:
1100:
1097:
1095:
1092:
1090:
1087:
1085:
1082:
1080:
1077:
1075:
1072:
1070:
1067:
1065:
1062:
1060:
1057:
1055:
1052:
1050:
1047:
1045:
1042:
1041:
1039:
1035:
1029:
1026:
1024:
1021:
1019:
1016:
1014:
1011:
1009:
1006:
1004:
1001:
999:
998:Mortgage loan
996:
994:
991:
989:
986:
984:
981:
979:
976:
974:
971:
969:
966:
964:
961:
959:
956:
954:
951:
950:
948:
946:and valuation
942:
936:
933:
931:
930:Torrens title
928:
926:
923:
921:
918:
916:
915:Real property
913:
909:
906:
905:
904:
901:
899:
896:
892:
889:
888:
887:
884:
882:
879:
877:
874:
872:
869:
867:
864:
862:
859:
857:
854:
852:
849:
847:
844:
842:
839:
837:
834:
832:
829:
827:
824:
823:
821:
818:
814:
808:
805:
803:
800:
798:
795:
793:
790:
788:
785:
784:
782:
778:
772:
769:
767:
764:
762:
759:
757:
754:
750:
747:
745:
744:Golf property
742:
740:
737:
735:
732:
730:
727:
725:
722:
721:
720:
717:
715:
712:
710:
707:
705:
702:
700:
697:
693:
690:
689:
688:
685:
684:
682:
678:
672:
669:
667:
664:
662:
659:
657:
654:
652:
649:
647:
644:
642:
639:
637:
634:
632:
629:
627:
624:
622:
619:
617:
614:
612:
609:
607:
604:
603:
601:
597:
591:
588:
586:
583:
582:
579:
575:
568:
563:
561:
556:
554:
549:
548:
545:
527:
523:
516:
501:
500:The Herald IE
497:
490:
475:
474:The Telegraph
471:
464:
450:on 2012-09-27
449:
445:
438:
423:
416:
401:
397:
390:
375:
369:
354:
350:
344:
329:
325:
318:
311:
305:
290:
284:
277:
271:
267:
259:
257:
252:
248:
243:
239:
237:
233:
229:
225:
215:
213:
209:
205:
201:
197:
193:
188:
185:
181:
178:
174:
169:
166:
162:
152:
150:
146:
145:Maxine Waters
136:
134:
130:
119:
117:
113:
112:United States
109:
105:
93:Controversies
90:
88:
84:
80:
76:
72:
68:
64:
59:
57:
53:
50:
46:
42:
37:
36:mortgage loan
33:
19:
1249:
1237:
1223:
1170:Land banking
1069:Land banking
1054:Buyer broker
1028:Rental value
851:Conveyancing
661:Saudi Arabia
530:. Retrieved
525:
515:
504:. Retrieved
499:
489:
478:. Retrieved
473:
463:
452:. Retrieved
448:the original
437:
426:. Retrieved
415:
404:. Retrieved
399:
389:
378:. Retrieved
368:
357:. Retrieved
352:
343:
332:. Retrieved
327:
317:
309:
304:
293:. Retrieved
283:
275:
270:
244:
240:
232:amortization
221:
182:
170:
158:
142:
133:robo-signing
125:
116:Barack Obama
101:
60:
31:
29:
1195:Urban decay
1049:Buyer agent
871:Foreclosure
866:Encumbrance
739:Arable land
651:Puerto Rico
599:By location
574:Real estate
528:. p. 1
526:news.com.au
502:. p. 1
476:. p. 1
402:. p. 3
330:. p. 2
165:active-duty
108:foreclosure
75:Freddie Mac
56:foreclosure
1150:Green belt
1023:Remortgage
807:Relocation
606:Bangladesh
532:2012-08-25
506:2012-08-25
480:2012-08-25
454:2011-01-30
428:2011-01-30
406:2011-01-30
380:2010-11-10
359:2010-11-12
334:2010-11-10
295:2010-11-10
262:References
187:Beau Biden
177:foreclosed
79:Ginnie Mae
71:Fannie Mae
1135:Filtering
1125:Companies
1044:Appraiser
925:Severance
621:Indonesia
63:principal
45:insurance
1273:Mortgage
1267:Category
1225:Category
1130:Eviction
1074:Landlord
876:Land law
641:Pakistan
585:Property
238:a year.
67:interest
49:borrower
1238:Commons
1155:Indices
1037:Parties
836:Closing
780:Sectors
256:default
110:in the
1243:
1230:
1217:
1175:People
1109:Tenant
935:Zoning
656:Russia
646:Panama
631:Turkey
611:Canada
236:pounds
210:. and
52:escrow
1118:Other
891:Lease
680:Types
636:Kenya
626:Italy
616:China
47:from
41:taxes
856:Deed
226:and
159:The
65:and
43:and
817:Law
83:FHA
1269::
524:.
498:.
472:.
398:.
351:.
326:.
206:,
202:,
198:,
194:,
81:,
77:,
73:,
30:A
566:e
559:t
552:v
535:.
509:.
483:.
457:.
431:.
409:.
383:.
362:.
337:.
298:.
20:)
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.