July 31, 2016 3:01 AM ET

Thrifts and Mortgage Finance

Company Overview of Residential Credit Solutions, Inc.

Company Overview

Residential Credit Solutions, Inc. is engaged in investing, issuing, and servicing mortgages. The company focuses on servicing and managing performing and nonperforming residential mortgage loans for homeowners. It provides subservicing of residential mortgage loans in the United States and Puerto Rico. The company also provides component services, such as borrower outreach, modification assistance, and loss mitigation services for loan servicers; and investor and co-investor of mortgage credit, such as residential loans, mortgage servicing rights, and mezzanine debt. In addition, it offers payment counseling services in the areas of repayment plan, loan modification, short refinance, short ...

4708 Mercantile Drive

Fort Worth, TX 76137

United States

Founded in 2006

Phone:

817-321-6000

Fax:

877-415-5051

Key Executives for Residential Credit Solutions, Inc.

Chief Executive Officer and President
Co-Founder
Senior Vice President
Chief Investment Officer
Chief Administrative Officer
Compensation as of Fiscal Year 2016.

Residential Credit Solutions, Inc. Key Developments

Residential Credit Solutions to Close its Facility in Fort Worth, to lay off 134 People Out of Work

Residential Credit Solutions will close its facility in Fort Worth, putting 134 people out of work. The job eliminations at the plant at 4708 Mercantile Drive in Fort Worth are expected to be permanent and are scheduled to occur between February 29 and August 31.

Residential Credit Solutions Inc. Agrees to Pay Borrowers $1.5 Million in Restitution

Residential Credit Solutions Inc. has agreed to pay borrowers $1.5 million in restitution for allegedly thwarting their attempts to save their homes from foreclosure. The Consumer Financial Protection Bureau says Residential Credit Solutions Inc. broke the law since 2009 by not honoring loan modifications agreed to by previous servicers and demanding that borrowers waive their rights in future foreclosures and bankruptcies if they wanted to qualify for repayment plans. The company also gave false information to some borrowers, misleading them about everything from unpaid balances and interest rates to payment due dates and how much money they owed each month, the bureau said in court documents. The company also will pay a $100,000 civil penalty and must help borrowers save their homes as part of the agreement announced by the consumer bureau on July 30, 2015. The company agreed to the payment without admitting or denying any of the charges.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
January 29, 2016
Residential Credit Solutions, Inc., Certain Assets of Servicing Platform
 

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