The GSEs reportedly are in the hunt to hire special servicers to handle COVID-19-related forbearance claims. The reason: Some nonbanks may be living on borrowed time.
Mortgage bankers have been clamoring for liquidity help from the FHFA. This week, the agency delivered on the issue of the GSEs buying COVID-19-related forbearance loans, but then lenders read the fine print.
The reaction from some trade group officials was swift. Scott Olson, Executive Director of the Community Home Lenders Association, called the new COVID-19-related guidelines “totally inadequate.”
At yearend, consumers owed $11.168 trillion on their first liens, according to Inside Mortgage Finance, which means the dollar volume of residential loans under forbearance now totals $664.5 billion.
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