I read a great article in the June 26 New York Times business section titled “How Housing’s New Players Spiraled into Banks’ Old Mistakes.”
The article focused on a mortgage servicer named Nationstar. Nationstar is a private equity mortgage servicer and mortgage originator based in Dallas, Texas. If you are a homeowner and you pay your mortgage payments through a servicer (and most of you do!), you must read this article.
The mortgage payment collection business and its spin-offs are an endless opportunity for fees to be charged to the homeowner. Like banks, for mortgage servicers, fees are where the profits are.