Volume 14 - Number 9
May 2, 2014
MBA Asks FHFA to Scrap, Revise GSE Servicer Compensatory Fees
The Federal Housing Finance Agency should immediately suspend assessments of compensatory fees for servicers that miss GSE foreclosure timeframes, according to a new letter from the Mortgage Bankers Association. Instead, MBA is offering to create a plan with a “more holistic method of identifying and penalizing servicer under-performance.” In correspondence dispatched to FHFA Director Mel Watt this week, MBA President and CEO David Stevens says the imposition of compensatory fees has morphed into a risk-sharing mechanism that shifts the costs of the prolonged foreclosure process from the GSEs onto mortgage servicers.
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