Mortgage industry stakeholders want FHA to re-examine proposed updates to the servicing defects taxonomy. They want the taxonomy to include concrete examples of the types of errors that rise to the level of defect.

Ginnie servicing outstanding increased by 0.2% in 2021, led by VA mortgages. Loan performance continued to improve during the fourth quarter. (Includes four data charts.)

The Consumer Financial Protection Bureau and the Department of Justice last month warned they will monitor VA loan servicers for signs of illegal foreclosures.

FHA must address its servicers’ inadequate implementation of COVID-19-related mortgage payment relief, a multistate coalition told the agency late last month.

Foothill Ranch, CA-based loanDepot is in the process of overhauling its servicing operations. On the way out: subservicing vendors.

FHA is seeking feedback on a proposed section on servicing reviews within its defect taxonomy guidelines.

Freedom Mortgage grew its Ginnie servicing portfolio significantly by acquiring MSR in bulk and coissuance transactions during the third quarter. Despite a spike in short-term delinquencies, overall loan performance improved. (Includes four data charts.)

As part of FHA’s ongoing outreach to industry, Julienne Joseph, deputy assistant secretary for single-family housing, released a video answering servicers’ questions on COVID-19-related loss-mitigation options.

Key metrics reviewed in HUD’s single-family default monitoring system showed that residential servicers generally complied with HUD’s forbearance reporting requirements for FHA loans.

The Federal Agricultural Mortgage Corp. has acquired the servicing rights for all loans in its Farm & Ranch and USDA Guaranteed portfolios.