National Mortgage News-
Ginnie Mae has halted the transfer of mortgage servicing rights from Bank of America (BAC) to a nonbank servicer because the bank is missing documents such as recorded mortgages and title policies on the underlying home loans.
Ted Tozer, the president of Ginnie Mae, says he has held up the transfer of servicing rights by B of A “for an extended period” because the bank is not complying with agency’s guidelines that require all mortgage documents be delivered to custodians in a timely manner.
“Issues are coming up now because documents are missing,” Tozer said Tuesday. “It’s a new phenomenon with the major banks getting out of the servicing business. We don’t want to transfer the risk to a new servicer.”
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Good luck with that one ginnie . . .!
Folks the missing documents are endorsed Notes meaning there are no valid assignment! How long does this crime continue? I been writing HUD about this since Nov 2011 and reported it to SEC Whistle-blower program first in Aug 2011! It is what it is.
So what Sec Donovan got to say about this? See no evil, hear no evil and speak no evil! with a Dept of HUD like this who need the criminal banks screwing you when the Fed Gov in on the act!