The industry-wide servicing-for-others total was down $99.41 billion from June, a 3.0% quarterly decline. With a handful of exceptions, the banking sector has reported quarterly declines in SFO since the end of 2009.
Michael Bright: “SFA reiterates our support for the ultimate goal of releasing the GSEs from conservatorship and to increase the role of private capital in our nation’s housing finance system in a responsible manner"...
Much of the conversation over the past few weeks following the election of Joe Biden to the White House has focused on the bureau’s mortgage-related actions.
The changes under the final debt collection rule, such as call frequency limitations, will impact the operation of certain mortgage servicers who are now deemed FDCPA debt collectors.
Mortgage trade groups are asking the CFPB to expressly permit servicers, in the case of escrow shortage, to include a lump-sum repayment option in account statements.
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