Skip to content

CFPB Complaint Report Cites Problems With Loan Mod Process

first_img CFPB Complaint Report Cites Problems With Loan Mod Process Servicers Navigate the Post-Pandemic World 2 days ago About Author: Brian Honea In the third edition of the monthly complaint snapshot released Tuesday, the Consumer Financial Protection Bureau (CFPB) turned its focus on its most complained-about financial product—mortgages—to take a closer look at the problems consumers are facing with mortgage servicing.The Bureau received 25,732 complaints in August 2015, and 4,574 of those (17.7 percent) were about mortgages, making it the third-most complained about category behind debt collection (29 percent) and credit reporting (22 percent). The CFPB reported that it received 972 fewer complaints in August than it did in July.For August 2015, the CFPB examined problems consumers face with mortgage servicing in certain circumstances. More than half of those complaints about mortgages (53 percent) had to do with problems consumers faced when they were unable to make payments, particularly when applying for a loan modification to avoid foreclosure. Ambiguity and/or delays in the loan modification process were a frequent subject of the complaints, while others said they were not considered for all loss mitigation options available, they were incorrectly denied a modification, or the terms of the modification were unfavorable. Still others complained of frequent changes in the single point of contact or that the servicer pursued foreclosure proceedings while the loan mod application was pending (known as dual-tracking).”Despite strong protections that have been put in place to protect homeowners, this month’s complaint report shows consumers are still having problems when dealing with their mortgages.”The CFPB began accepting complaints from consumers about financial products shortly after opening its doors in July 2011. As of September 1, 2015, the Bureau had received 702,900 complaints in slightly more than four years, and about 192,500 (27.3 percent) of those complaints have been about mortgages, making it overall the most complained-about category. The mortgage market is the largest consumer financial marketplace in the country with more than $10 trillion in total value. The CFPB enacted new mortgage rules in 2014 to ensure strong consumer protections and also ensure that lenders offered affordable mortgages to consumers.”Despite strong protections that have been put in place to protect homeowners, this month’s complaint report shows consumers are still having problems when dealing with their mortgages,” CFPB Director Richard Cordray said. “The Bureau will continue to work to make sure that consumers are being treated fairly on their mortgage issues.”About 30 percent of consumers’ mortgage complaints expressed confusion and frustration with regards to the payment process when loans are transferred, citing unexpected payment increases, difficulty determining who should be paid, or that the borrower was not informed that the loan was being transferred. Some borrowers said the transfer was even more problematic when it occurred when the borrower had a loan modification pending or foreclosure proceedings were in the works; some consumers stated that had they would not have lost their homes if the loan transfer had not occurred.Click here to view the CFPB’s complete monthly complaint snapshot for August 2015.The CFPB’s consumer complaint snapshot had generated some controversy. In late August, the National Association of Federal Credit Unions (NAFCU) wrote a letter to the CFPB recommending that the Bureau cease publishing the monthly snapshot, saying that the analytics are not based on an industry-wide collection of data; they provide only an “insular view of market-data based only on complaint information that the CFPB receives” and therefore do not paint a complete picture. NAFCU stated that the CFPB is incorrectly characterizing the narratives submitted online as statistically relevant “trends and analyses, according to Kavitha Subramanian, Regulatory Affairs Counsel for NAFCU.(Editor’s Note: The Five Star Institute and Black Knight Financial Services published a study in April adding more context to the complaints received in the CFPB’s database. The Five Star Institute is the parent company of DS News and September 23, 2015 4,051 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Tagged with: avoiding foreclosure CFPB Consumer Complaint Snapshot Loan Modifications Mortgage Complaints Demand Propels Home Prices Upward 2 days ago avoiding foreclosure CFPB Consumer Complaint Snapshot Loan Modifications Mortgage Complaints 2015-09-23 Brian Honea Share Save Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / CFPB Complaint Report Cites Problems With Loan Mod Process in Daily Dose, Featured, Market Studies, News  Print This Post Previous: Former Fannie Mae Executives Settle With SEC Over Subprime Exposure Claims Next: Share of First-Time Buyers on Agency-Backed Loans Rises, But So Does Risk Subscribelast_img read more

NASCAR flips switch on new website

first_imgBold, interactive design hits cyberspace with fans in mind “As people wake up and log on to the new today and every day moving forward, they will see that it was designed with one thing in mind: the fans,” said Marc Jenkins, vice president of digital media for NASCAR. “This digital experience is meant to constantly evolve based on user feedback, with the goal of a creating a better digital experience for our fans.”On the new, the excitement of NASCAR will be captured through dynamic video, big, bold imagery, interactive graphics and the latest news and in-depth analysis from a choice group of NASCAR insiders and writers. Much of the content being produced by’s editorial team will be focused on the upcoming races, giving fans the opportunity to consume rich, comprehensive event information on a week-to-week basis.“The simplified NASCAR digital platform makes for easier user navigation and maximized interaction,” said Jenkins. “And most importantly, fans will have the same digital experience no matter what type of device is being used — be it a PC, a tablet or a mobile phone.”Across the entire digital platform, there are also plenty of options for fans to further engage in on-track action on race day. The interactive live leaderboard will provide fans with in-depth information in real-time on each driver, while the popular RaceView and RaceBuddy applications will be improved for an enhanced broadcast complement on race day. Fans will also be able to engage in NASCAR FANTASY LIVE, the official NASCAR fantasy game, which will have a brand new look and feel.For fans heading to the racetrack, the new will continue to serve as a great destination for in-depth information on NASCAR-sanctioned race tracks. From information on local attractions, track history, and most importantly, ordering race tickets, fans need to look no further than the digital home of NASCAR:, in addition to an entirely new website, NASCAR will release a pair of mobile apps before the start of the Shootout at Daytona (Feb. 16, FOX) and the Daytona 500 (Feb. 24, FOX), giving fans an unprecedented second screen experience on their tablets and mobile devices.   •    NASCAR Mobile ’13 – This app is highlighted with content such as latest news, race leaderboard, video, social media updates, in-car audio, live data and more.•    NASCAR RaceView Mobile ’13 – In addition to the aforementioned features, this premium app will render a virtual live race environment, giving fans the ultimate tool to follow their favorite driver in real time throughout the entire race.NASCAR selected SapientNitro last summer to help design and build the platform for NASCAR’s new digital experience. NASCAR has also worked very closely with technology services firm Omnigon, which has acted as an advisor throughout the build. DAYTONA BEACH, Fla. — Calendars officially turned to 2013 just a few days ago, signifying for many a point of resolution – a fresh start in determining a new course of action. Like millions of its loyal fans, NASCAR took a bold step by officially flipping the switch on a brand new digital experience, highlighted by a revamped center_img ALL ABOUT GEN-6Virtual tour: Inside the Gen-6 carTimeline: History of NASCAR carsGen-6 101: Five things to knowlast_img read more

UEFA Champions League to Return August 7

first_imgThe four remaining round of 16 second legs will resume on August 7-8, and will take place either at the home team’s stadium or in Portugal.The quarterfinals will run from August 12-15, the semifinals on August 18-19 and the final will take place on Aug. 23. All matches will be single elimination.For the quarterfinals, semifinals and final, they will be split between Benfica’s Estádio do Sport Lisboa e Benfica and Sporting CP’s Estádio José Alvalade.The Estádio do Dragão in Porto and the Estádio D. Afonso Henriques in Guimarães will host the four outstanding round of 16 second legs, if required.Also, UEFA announced on Wednesday that the Europa League will follow a similar course as the Champions League.The remainder of the round of 16 matches will be played on August 5-6 at venues still to be determined, with the Inter v Getafe and Sevilla v Roma ties – which had their first legs postponed in March – featuring just one match to determine which teams advance to the next round.The Europa League quarterfinals, semifinals and the final will be played as a knockout tournament in Germany between August 10-21.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram Europe’s football governing body UEFA announced yesterday that the Champions League will return on August 7, with the quarterfinals, semifinals and final to be played as a knockout tournament in Lisbon, Portugal.It is going to be completed with an eight-team mini-tournament.The season’s tournament was in the round of 16 when it was suspended on March 11 due to the COVID-19 pandemic.last_img read more

Golf putting its way to Michigan

first_imgThe Badgers men’s golf team will be taking a ride on cloud nine all the way to Ann Arbor as it competes in the Wolverine Invitational this weekend. The men will tee off just a few days after winning their first tournament of the year and the program’s first since 2004.The golfers, led by senior Garrett Jones, junior Jeff Kaiser and sophomore Dan Woltman, won the Mid Pines Intercollegiate at Pinehurst Golf Course in Pinehurst, N.C., on Tuesday.”It’s good to get back in the winner’s circle,” said Kaiser, who hasn’t seen a victory since his freshman year. “It’s nice to start off the year with a win.”Kaiser, who was tied for eighth place after the first 36 holes, came from behind to finish in first. He shot a career-best seven under par, hitting 209 over 54 holes.Jones and Woltman also finished in the top 10, placing eighth and ninth respectively.”To see three guys finish in the top 10 is obviously pretty exciting for our program,” UW head coach Jim Schuman said.Kaiser’s first-place finish was the result of the amount of hard work and dedication he has been putting in, according to his coach.”There’s more to that performance than him just playing well,” Schuman said. “He’s been really committed on and off the golf course for the last year. It’s just great to see somebody work that hard on his game, in the weight room, on his academics and to see it finally pay off for him.”Woltman is a new addition to the team this year. A native of Beaver Dam, he played in all 12 tournaments for the University of Kentucky last year before transferring to Wisconsin. Woltman also won the 2006 Wisconsin State Amateur Tournament and is a great addition to Schuman’s team.”Dan is a great fit here at Wisconsin,” said Schuman. “He’s very comfortable on our team. He’s really proud to be here.”Jones, who played in all 36 rounds for the Badgers last year and led the team in scoring with an average of 73.08, will continue to serve as a team leader.”He led us through a few years where we weren’t as deep, and he’s going to continue to do that,” Schuman said. “Garrett’s a great player, a very intelligent player and just continues to add that depth for us.”The men’s team will tee off at the Wolverine Invitational this Saturday, playing 36 holes. Play will conclude on Sunday with the final 18 holes.The field at the Invitational will include 14 teams, including Big Ten foes Iowa, Penn State and defending champions and host school Michigan.With a victory already under their belts to start the season off on the right foot, the Badgers look to continue their strong play.”We certainly want to build upon that,” said Kaiser of the team’s win.Schuman hopes the team can add another victory this weekend in Ann Arbor.”We’re looking forward to it,” he said. “It should be a great event. We can’t lose this idea of just getting better each week.”The team had only a few days after their first tournament to prepare for the Wolverine Invitational, but they feel ready.”We had to work pretty hard mentally to win,” Kaiser said, “but I think we’ll be ready for Michigan.”Kaiser, Jones, Woltman, and sophomores Tyler Obermueller and Patrick Duffy will be the five golfers competing for the Badgers this weekend. Schuman feels that these five have the ability to help Wisconsin nail down its second tournament victory in a row.”We’re looking to win all our golf tournaments,” Schuman said. “That’s our No. 1 priority is to go out there and win. We feel like we’ve got the players able to do that.”last_img read more

Johannes Pieles could be the spark Syracuse needs on offense

first_img Published on November 16, 2016 at 12:18 am Contact Matthew: [email protected] | @MatthewGut21 Facebook Twitter Google+ In his first weekend of college soccer, Johannes Pieles tallied an assist, a multi-score game and a game-winner in double overtime. Then he notched another game-winner against Hofstra and helped break a scoreless first half with a nifty pass against No. 15 Boston College.Pieles had accounted for half of Syracuse’s goals three games into the year.“When he came over people were thinking like, who’s this guy?” senior midfielder Oyvind Alseth said.That soon changed for Pieles, who hails from a small town outside of Munich, Germany. The 6-foot-1, 173-pound freshman forward had been one of Syracuse’s most dangerous threats. But for the second half of the year — until SU’s Atlantic Coast Conference tournament game at Clemson — he had been scrapped from the starting lineup.Back at starting forward, Pieles could bolster Syracuse’s (11-3-4, 3-2-3 Atlantic Coast) offense like he did early in the season, when he earned the starting job over redshirt junior Kenny Lassiter. The Orange begins the NCAA tournament Sunday at 2 p.m. at SU Soccer Stadium against either Dartmouth or St. Francis Brooklyn.AdvertisementThis is placeholder textPieles’ unpredictability and fearlessness made him invaluable for Syracuse early on. His impact had been at the center of an SU unit off to its best start in program history. He started in all but one of the Orange’s first 12 games.He would often call for the ball in or around the 18-yard box. He’d receive it and either glide it to open teammates or look for an open space to dribble. But Pieles’ style of play also made him more likely to make mistakes, part of why he lost his starting spot after SU’s loss at Louisville last month.Playing up front, Pieles has conceded some balls and missed defensive assignments and missed wide on shots. Pieles hasn’t scored on his last 22 tries and hasn’t recorded a point since Sept. 16. SU defender Mo Adams, pointed to the ACC’s defenses as to why Pieles’ production slowed.“The first few games he didn’t know what to expect,” Adams said.Pieles earned a start at Clemson, though, after he and Kyle Gurrieri, who’s played in each of SU’s last three games, stayed in the gym for extra sessions. McIntyre rewarded Gurrieri with the opportunity to travel with the team and Pieles with the start. At Clemson, Pieles just missed a shot on goal that could have won the game.The play mirrored the maturity and skill Pieles showed from the first week, when he anticipated a fast-break opportunity after Liam Callahan found a ball near midfield. Pieles broke toward the 18-yard box while Callahan passed it to Kenny Lassiter. Lassiter hit Pieles in stride, leading to a two-man game.Pieles split the middle before rifling a scorcher back to Lassiter in the box. It was an advanced play for the freshman, who had sensed the break several passes earlier. Despite his hiccups, Pieles’ nine points places third on the team and his 35 shots are second only to senior forward Chris Nanco’s 51.“Well, anytime somebody scores a couple of goals and gets the game winner in overtime, that’s not a bad way to start your opening weekend at Syracuse,” head coach Ian McIntyre said. “And he’s still finding his feet. He’ll get sharper. He’ll get better.” Commentslast_img read more