Late this week or early next, Ginnie Mae is expected to release a new and improved acknowledgement agreement, a move intended to allow nonbanks to borrow more easily against the asset value of their mortgage servicing rights. But the big question remains: Will the agency’s tweaks have much of an impact on liquidity? There is...
Ocwen, which in the past has been sanctioned by regulators for some of it servicing practices, also disclosed $10.0 million of additional reserves for a potential California regulatory settlement and $7.0 million of incremental reserves for a previously disclosed letter dating issue.
CBO’s comments were contained in a report that takes a “what if” approach to allowing Fannie and Freddie to retain as much as $5 billion of capital a year for 10 years...
Nonbanks crossed a threshold in the third quarter of 2016, posting a hefty 6.3 percent increase in their combined Ginnie Mae servicing portfolio, according to a new Inside FHA/VA Lending analysis. Nonbanks serviced $826.6 billion of Ginnie single-family mortgage-backed securities as of the end of September. That represented 51.3 percent of the total Ginnie market. The nonbank servicing total includes a small amount of Ginnie servicing held by state housing finance agencies, roughly 1.0 percent of the entire market. But it doesn’t include the significant amount of Ginnie servicing that nonbanks do as subservicers for both depository and nonbank clients. Interestingly, the biggest gain for nonbanks in percentage terms came in servicing VA loans, which rose 8.1 percent from the second quarter to $252.1 billion, or 51.0 percent of the market. The VA sector is one business from ... [4 charts ]
The Department of Housing and Urban Development called on its inspector general to reassess estimated financial losses to the FHA insurance fund, which an IG audit attributed to lengthy delays of servicer foreclosures and property conveyances. A recent audit report by the HUD inspector general alleges that HUD paid approximately $2.23 billion in claims for an estimated 239,000 properties that missed foreclosure and conveyance deadlines. According to the IG report, HUD paid an estimated $141.9 million for servicers’ claims for “unreasonable and unnecessary” debenture interest on the distressed loans, as well as $2.09 billion in servicer claims for holding the properties past their foreclosure and conveyance deadlines. While it was necessary for servicers to pay for property-preservation costs, HUD should not have paid for holding costs, the ...
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