The nonbank share of GSE servicing hit 57.8% as of the end of March, up from a 57.0% share at the end of 2023. Two of the largest banks reduced their GSE servicing during the first quarter. (Includes two data tables.)
The Foreclosure Abuse Prevention Act, signed into law in 2022, blocks lenders from avoiding New York’s six-year statute of limitations on foreclosures by simply canceling the foreclosure. New language in Fannie’s loan modification agreement may negate FAPA’s block.