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Universal Mortgage

Universal Mortgage Solutions - (403)342-2471

Universal Mortgage Solutions Suite 6 5579 47 St , Red Deer, AB, T4N1S1 (403) 342-2471

Mortgage Loan Defaults: A Lesson Learned for Servicers

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The borrowers took out two mortgage loans to purchase property and defaulted on both loans in 2008. The servicer filed an action seeking to foreclose both mortgages, and the lawsuit was later resolved through a deed-in-lieu of foreclosure entered in December 2009.

Pursuant to the parties’ agreement, the borrowers surrendered the property and the servicer “agreed to report to the credit reporting agencies … that the mortgage was discharged with a zero balance owed.” However, more than two years later, the bank still had not reported the discharge. Instead, it “resumed its debt collections efforts” reporting the borrowers’ debt as delinquent. As a result, in July 2012, the Marchisios filed a federal action (first action) alleging Mortgage Services' failure to timely report the pertinent settlement terms violated the Fair Credit Reporting Act (FCRA) and the Florida Collections Act (FCA).

The filing of the first action prompted the servicer to partially correct its misreporting. The lender sent an automated universal dataform (AUD) to the reporting agencies requesting they “update the first loan to reflect that it had a zero balance.” However, the servicer continued to misreport a delinquent balance due on the second mortgage.

We Talked with the New Hampshire Family in Andrew Yang's Universal Basic Income Experiment

Chuck Fassi, 49, a self-described introvert with a heavy New England accent, has spent much of the past two decades working 55-plus-hour weeks for a business that services chemical dispensers for industrial kitchens. In March, he did something he never thought he would do: Sign up for an improv class. He says it lets him “use parts of my brain that either I hadn’t used in a while or could use a little exercise.”

The $100-a-month class is a non-negligible expense for the Fassi family, which was thrust into financial precarity in 2017 when Chuck lost his $75,000-a-year job, just as his daughter, Janelle, now 20, was moving into her college dorm. Chuck eventually got a job, similar to the previous one, servicing corporate cafeterias around New England for a company based in North Carolina. But money remained tight, and the crisis underscored for the Fassis that long and unfulfilling hours at his job are a financial necessity.

Then things took a turn. In the summer of 2018, Janelle, an intern with the New Hampshire Young Democrats , attended a talk by an obscure Democratic presidential candidate, entrepreneur Andrew Yang, who was referred to as the “Asian Bernie.” Yang’s keystone proposal is a universal basic income , or UBI. Under his proposal, the government would send every citizen over the age of 18 $1,000 every month, no strings attached. Yang is piloting his idea by personally giving the money to one person in New Hampshire, with similar plans for one person in Iowa. Janelle nominated her parents.

How much does the Universal American Mortgage Company loan officer make?

As much as they want & can.

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