The OCC has released a Stipulation and Consent Order issued to Colonial Savings, Federal Association, Fort Worth, Texas, ordering Colonial to pay a Civil Money Penalty of $87,500 to the National Flood Insurance Program, because of a “pattern or practice of failing to ensure the timely notification and force-placement of the requisite amounts of flood insurance on property securing loans in a special flood hazard area in which flood insurance is available under the National Flood Insurance Act ….”
The image above shows that Colonial Savings FA, bought Mortgage Servicing rights from FDIC after the financial collapse in 2008. It paid a shocking 4.75% of the Book value of the purchased loans. e.g. $44k for $930k worth of mortgage servicing rights.
MCS Names Steve Porter as General Counsel
Mortgage Contracting Services Names Stephen C. Porter as General Counsel
PLANO, Texas, Jul 07, 2014 –
PLANO, Texas – Mortgage Contracting Services, a nationwide provider of property preservation, inspections and REO property maintenance to the financial services industry, has named Stephen C. Porter as the company’s general counsel. He will work in the company’s Plano, Texas, headquarters.
Mr. Porter previously served as chief litigation counsel at the Addison, Texas, law firm Barrett Daffin Frappier Turner & Engel, LLP. In his new role, he is responsible for consulting with MCS management on all legal matters affecting the company.
“Steve has 23 years of experience working in the mortgage servicing industry, and we have no doubt that he is the perfect person to take the helm of MCS’ legal department,” says company CEO Caroline Reaves. “The mortgage servicing industry is facing an unprecedented regulatory environment, and Steve is more than up to the task of guiding us during this interesting time.”
Mr. Porter earned his Bachelor of Business Administration from Baylor University in 1968 and his Doctor of Jurisprudence from Southern Methodist University School of Law in 1973. He also served as a First Lieutenant in the U.S. Army from 1968-1971, including service during the Vietnam conflict.
Mr. Porter maintains the highest AV rating from the legal ranking service Martindale-Hubbell, and he currently serves as a member of the USFN (America’s Mortgage Banking Attorneys), American Legal & Financial Network and the Mortgage Bankers Association. Mr. Porter is admitted to practice before the U.S. Supreme Court, U.S. 5th Circuit Court of Appeals and the U.S. District Courts for the Northern and Western Districts of Texas.
For more than 25 years, MCS has protected and preserved communities across the nation. Some of the largest and most respected banks and mortgage servicers in the industry trust MCS to perform property inspections, property preservation and REO property maintenance services in all 50 states. MCS has a history of providing these services in a highly-regulated environment, the proven ability to handle large volumes of properties, and a record of recruiting, managing and monitoring a substantial vendor network
MBA Announces Nomination of Colonial Savings’ J. David Motley to be 2016 Vice Chair
|Rob Van Raaphorst
|(202) 557- 2799
WASHINGTON, D.C. (June 10, 2015) – Today, the Mortgage Bankers Association (MBA) announced the nomination of J. David Motley, president of Colonial Savings, F.A. based in Fort Worth, Texas, and its divisions, Colonial National Mortgage, CU Members Mortgage, and Community Bankers Mortgage, to be its Vice Chair for the 2016 membership year. He will be elected by MBA members at the Association’s 102nd Annual Convention, which will be held this October in San Diego, California.
“I am very pleased to announce David Motley’s nomination to be MBA’s Vice Chair for next year,” said MBA Chairman Bill Cosgrove. “Dave has been a leader at MBA and a strong voice for our industry, and his ability and experience will help MBA’s leadership to continue to serve our members at an extremely high level.”
Mr. Motley is a member of MBA’s Board of Directors, and is the past Chairman of the MBA’s Residential Board of Governors (RESBOG). In 2013, Mr. Motley was the recipient of MBA’s Distinguished Service Award given annually to an MBA member for recognition of his service to the association and the mortgage finance industry.
With more than 35 years in the banking and mortgage finance sector, Mr. Motley oversees commercial lending, retail, consumer direct and credit union mortgage origination channels as well as human resources, legal and marketing functions. He has a B.A. in Economics from the University of Texas at Austin and is a graduate of MBA’s School of Mortgage Banking.
Motley’s nomination was announced at MBA’s Chairman’s Conference, which is held each June.