FHFA’s Revised NPL Sale Guidelines: This week, the Federal Housing Finance Agency enhanced its nonperforming loan sale guidelines with three key changes. NPL buyers must evaluate borrowers whose mark-to-market loan-to-value ratio is above 115 percent for modifications that include principal reduction and/or arrearage for forgiveness. NPL buyers cannot “walk away” from vacant properties.
Wells Fargo was the subject of more mortgage complaints than any other player in the sector. Then again, Wells is both the largest lender and servicer.
Wells Fargo was the top seller to the GSEs in the first quarter with $22.75 billion, followed by Quicken Loans ($11.33 billion) and JPMorgan Chase ($6.87 billion).
It’s expected that Blackstone/Finance of America will target borrowers who are self-employed and have a harder time qualifying for conventional mortgages.
The American Bankers Association said it “strongly supports the principle of accountability and balance, and commends the sponsor of this measure for working to improve the accountability of the bureau.”