The high cost of servicing delinquent mortgages for Fannie Mae and Freddie Mac is one of the factors that prompt lenders to implement underwriting overlays, according to Laurie Goodman, director of the Urban Institute’s Housing Finance Policy Center. However, recent changes to the GSEs’ standards for servicing delinquent mortgages along with a potential adjustment to repurchase requirements are promising, she said. “In order to broaden access to credit, servicing issues ...
The Federal Housing Finance Agency is fighting state-level court actions that threaten the first-lien status of loans backed by Fannie Mae and Freddie Mac, including a recent ruling in Nevada granting a homeowners association priority in collecting unpaid HOA fees ahead of the mortgage lender in a foreclosure. The regulator has filed separate actions in federal court in Nevada seeking to overturn recent state court rulings allowing HOAs to jump to the front of the creditor list with ...
Bulletin 2014-23. Dec. 8. Freddie Mac announced servicing updates, including the requirement that servicers file and settle any property insurance claims with the applicable property insurer before submitting a recommendation to Freddie to charge off a mortgage. In addition, the bulletin requires servicers to send Freddie a copy of the fully executed modification agreement of home mortgages and second mortgages when the modification ... [Includes seven briefs]
RSS