If your mortgage is with Green Tree/Ditech, heads up.

[dixiegrrrrl]

Green Tree and Ditech are both owned by Walter Investment Management (WAC) whose stock has been crashing since 2012, from a high of 50 to current of $5.80.
So WAC is now selling its "mortgage servicing rights" ( your mortgage payment) to New Residential Mortgage LLC (“NRM”), a wholly-owned subsidiary of New Residential Investment Corp. (NYSE: NRZ)

So, at some point in the next couple of months we should be getting YET another letter informing us to send payments to the new owner.

Two things:

Thanks to Elizabeth Warren, there is now a law that when your payment address changes, you cannot be charged any late fees if your payment goes to the wrong address, for at least 2 months.
Naturally you will make sure it goes to the right address...but be sure to keep Ditech info and phone numbers as well as any new numbers until the change over becomes automatic.

2nd thing..
Karma

Green Tree has a bad record, lots of customer complaints, lots of interventions by the watchdog agencies, lawsuits, etc.
Ditech was originally a collection agency, with lots of complaints.
The mortgaging servicing was extremely profitable in years past because foreclosures are profitable, but now that the easy pickings are gone,
money problems are showing up.
so, keep close eye on any changes, keep real good records, and notes if needed.

[we can do it]

1. Great info thank you.

[Croney]

2. Thanks for the info. We have Ditech.

[Moosepoop]

3. Thanks for the heads up!

I started with Flagstar, got sold or transferred or whatever to Green Tree, which then morphed into Ditech, and now apparently will be changing again. At least this time I'll be expecting it!

Recently, the CFPB sent out checks to mortgage holders that had been with Green Tree within a set time frame -- Green Tree had violated a number of regulations and had to pay out via the CFPB to the mortgage holders, with the amounts depending on the regulations violated and harm done in each particular case. I hadn't tried to refinance or anything with them, so my "harm" was minimal -- I got a check for $23. Still, the point was that they had to pay everybody something, and in many cases, had to pay out a LOT. The letter that came with the check was signed by Richard Cordray.

Elizabeth Warren and Richard Cordray are my heroes. Two of them, anyway.

[dixiegrrrrl]

4. I did not know about the checks, that explains a LOT.

When forced to act legally, the company cannot make money.

they are on their 4TH CEO in 12 months.

Same reason the banks sold the mortgage rights to Green Tree in the first place, cause at the time, the banks were being forced to obey new laws, but non-banks, like Green Tree, were not. So they bought up LOTS of the serving rights, then got hit with consumer laws a bit later.

darn...no check for me...this musta been before mine transferred to them.