The amended consent process that led to faster cash payouts to victims of improper loan modifications and foreclosure practices should be evaluated and tested further to ensure servicers’ implementation of foreclosure prevention principles, according to the Government Accountability Office. The new GAO report represents the third and final phase of the watchdog’s examination of the Office of the Comptroller of the Currency’s Independent Foreclosure Review (IFR) process. In 2013, the IFR was replaced for most servicers with cash payments and foreclosure prevention actions. The latest report found...
Before joining the FHFA in late 2011, Hornsby spent 26 years at the Federal Reserve Bank of San Francisco, the last 10 under Janet Yellen, who is now the nation’s central banker.
“They’re either going to shut their doors, merge or sell out to someone else,” one M&A advisor told Inside Mortgage Finance. “We could see 2,000 firms disappear.”
“The first thing we found is that homeowners need to know that they’ve been assigned a trusted advisor who will help them navigate the work out process,” explained one Fannie Mae official.
CSP watchers say the GSE platform is starting to look like an orphan under director Mel Watt. But will Watt mention the project in his first public speech next week?
Beginning in December, the FHFA directly stepped into the MSR sales market, requiring its approval on all Fannie/Freddie transfers involving 5,000 loans or more. This additional level of approval initially caused concern in the market because it added another layer of oversight to sales.
Based on what Freddie's Layton said, one might think that going forward, the GSEs might barely break even. Maybe that’s why the GSEs – and not necessarily Mel Watt – want to hike their guaranty fees…
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