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Eligible borrowers and their heirs will be able to claim uncashed payments made pursuant to the 2013 Independent Foreclosure Review Payment Agreement through their respective states' escheatment process, according to announcement from the Office of the Comptroller of the Currency (OCC) on Wednesday.

The OCC announced that any uncashed payments made pursuant to the IFR Payment Agreement will be escheated at the end of 2015 in order to allow eligible borrowers and their heirs to claim the funds.

Also on Wednesday, the OCC announced that it has terminated foreclosure-related consent orders against three national mortgage servicers that have met the consent order requirements and imposed business restrictions on six banks that have not met the requirements.

More than $2.7 billion has been distributed to more than 3.2 million eligible borrowers from OCC-supervised institutions as a result of the IFR Payment Agreement, representing about 90 percent of the amount available for distribution, according to the OCC. The agency estimates that about $280 million from OCC-supervised institutions will go unclaimed by the end of this year after all efforts to find remaining eligible borrowers have been exhausted; the escheatment of funds from uncased checks will give eligible borrowers and their heirs an additional opportunity to claim the funds.

The OCC determined that Bank of America, Citibank, and PNC bank have complied with the orders the agency issued in 2011 and the amendments it issued in 2013 and therefore the consent orders against them have been terminated.

The six institutions that the OCC determined have not met all the requirements of the IFR were (alphabetically) Everbank, HSBC Bank USA, JPMorgan Chase Bank, Santander Bank, U.S. Bank, and Wells Fargo, and therefore the OCC issued orders to restrict their business activities.

The restrictions include limitations on the acquisition of residential MSR portfolios, new contracts to perform residential mortgage servicing for other parties, the outsourcing or sub-servicing of new residential mortgage servicing activities to other parties, off-shoring new residential mortgage servicing activities, and new appointments of senior officers responsible for residential mortgage servicing. OCC said the restrictions will vary based on the individual circumstances of each bank, and the agency will continue to monitor the corrective actions for these institutions.

A spokesman for the OCC told DS News that the restrictions are meant to focus servicer action on meeting the remaining requirements in their respective consent orders, and that the restrictions will not impede consumers' access to mortgage loans.

The Independent Foreclosure Review concluded in January 2013 with 10 mortgage servicers reaching an agreement with the Fed and the OCC to pay a combined total of $8.5 billion to more than 3.8 million homeowners whose homes were in foreclosure in 2009 and 2010. The sum included $3.3 billion to be paid directly to borrowers. The claims allege that the servicers mishandled loan paperwork and robo-signed documents related to the foreclosures. The settlement totals were later increased to 15 servicers and a total of $10 billion in payments, according to the Fed.

Report: Investors Move Toward Potential Ocwen Lawsuit

by The Cope Real Estate Team

A group of mortgage bond investors has sentOcwen Financial Corp. a notice of non-performance in what could be the precursor toward a future lawsuit, according to a media report.

Citing an unnamed source, Reuters reported Friday afternoon that a number of major investors, including BlackRock, MetLife, and Pimco, filed a formal notice to Ocwen accusing the servicer of failing to properly collect payments on $82 billion of home loans.

In a public release, law firm Gibbs & Bruns LLP said a "lengthy investigation and analysis by independent, highly qualified experts" turned up multiple instances of Ocwen's failure to perform, including use of trust funds to pay borrower relief obligations through modifications on trust-owned mortgages; conflicts of interest with affiliate companies; failure to maintain adequate records and communications with borrowers; and "[e]ngaging in imprudent and wholly improper loan modification, advancing, and advance recovery practices;" among others.

As a result, the group says the trusts took losses of more than $1 billion.

A voicemail left with a spokesperson for Ocwen was not immediately returned.

The investors' dissatisfaction comes as more bad news to Ocwen, one of the biggest mortgage servicers in the United States.

After closing the book on nearly a year of operational probes with a $150 million settlement, the Atlanta-based firm took another hit earlier this month, when the California Department of Business Oversight (DBO) said it was seeking to suspend the company's mortgage license in the state. DBO spokesperson Tom Dresslar said the state sought the suspension after Ocwen failed to provide adequate proof of compliance with California's Homeowner Bill of Rights.

Shortly after Friday's news broke, the department released a statement announcing a $2.5 million settlement with the company.

Under the terms of that agreement, Ocwen is also barred from taking on any new customers in the state until the regulator determines that it "can fully respond in a timely manner to future requests for information."

The company also agreed to pay for an independent, third-party auditor to be selected by the DBO. That auditor will review Ocwen's loan file information and submit a report on its compliance with state and federal regulations.

"The Department is committed to supporting a fair and secure financial services marketplace for all California consumers," DBO Commissioner Jan Lynn Owen said. "This settlement allows us to move forward and ensure that Ocwen is meeting its obligations under the law."

Helpful Features

by The Cope Real Estate Team

I would like to take second to encourage you to surf around our site. We have some great new features that you may find very helpful. A couple of them are

-Find your homes value over the net

-Automated home search (sends you an email anytime a home comes on the market that fits your search criteria)

-Buyer & Seller tips

-Suggested reading for buyers & sellers (great for 1st time buyers or sellers)

A few other services that we can help you with at no cost would be to recommend contractors, cleaning services, etc... We deal with a lot of different people in a lot of different industries, if you need something done to your home like maybe a new roof or pest control or anything you can think of- Make us your first call, we can recommend someone that has been tried and tested and we know will do a quality job.

 Have a great Thanksgiving!

Jared

Quick Market Update

by The Cope Real Estate Team

For those of you that are trying to sell, looking to buy soon, or just plain curious- Here are some quick #'s from the Bakersfield Multiple Listing Service as of tonight November 6th 2007-

In the residential category there are-

4,982 Homes Active on the Market    of those

4,157 are located in Bakersfield    of those

670 are bank owned foreclosures   and

571 are "Short Sales"

In the same category there are

743 Homes pending sale or "in escrow"   of those

593 are located in Bakersfield    of those

125 are bank owned foreclosures    and

27 are "Short Sales"

Of the 743 Homes pending sale 443 of them went pending since July 1st 2007. That means 300 of them have been off the market pending sale for more than 4 months now. I would not be surprised if a good chunk of those 300 never reach the sold category.

Just a quick update, please don't hesitate to contact us with any questions or for more detailed information about your neighborhood in general!

Have a great night!

 

Jared

Things to consider when looking for a new home

by The Cope Real Estate Team
When it comes to buying a new home the process can be overwhelming. 
Begin with asking yourself these four questions: What?, Where?, When?, and Why?
 
What: What criteria is it that you want your new house to have? Or what is it that your current house does not have? Do you want more room? This could be in terms of square footage, more bedrooms, a bigger backyard, bigger garage, and so on. Once you come up with a list of criteria begin with what is most important to you and prioritize them in order. Ask yourself are there things on this list that I “have to” have and are there things that are not so important or that I can live without.
   
Where: Where do you want to live, what part of town? Where may be decided based on your job and its location. Or it may be based on schools for your children. A deciding factors may be your child care and where it’s located. This is a very important factor in deciding on your new home because it can not be changed! Remember you can always remodel but you can not pick up your home and take it elsewhere.
  
When: When will you be ready to move? Would you like to move in the summer when your children are out of school? Is your move immediate? Are you waiting to sell your current home? Are you waiting for a legal settlement? 
   
Why: Why have you decided to move from your current home? What are the features that you would like to improve? 
  
By keeping these things in mind and a little help from your REALTOR, you will be able to find a new home that fits your needs for years to come!
 
Sincerely,
  
         Mandy Bradford

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Contact Information

The Cope Real Estate Team
Keller Williams Realty
5601 Truxtun Ave #150
Bakersfield CA 93309
661-871-COPE(2673)
Fax: 661-670-5210

Jared Cope DRE# 01506193 | The Cope Real Estate Team