Add this to the mortgage banker worry-list: the FHFA is once again toying with the idea of changing the minimum servicing fee on Fannie Mae and Freddie Mac loans.
The Federal Housing Finance Agency is keeping a close eye on large-scale servicing transfers because it is concerned about capacity issues that might arise from smaller players taking down portfolios that significantly increase their overall processing volume. According to industry advisors and servicing executives familiar with the issue, FHFA played a key role in Bank of America’s recent sale of $306 billion of mortgage servicing rights to Nationstar Mortgage and Walter Investment Management Corp. One source familiar with the deal said FHFA asked that Nationstar not take down the entire portfolio and that it be broken up into more than one piece. A spokeswoman for FHFA declined to comment on the matter to Inside The GSEs.
Officials in the financial services sector are making a fresh push to alert the mortgage and residential mortgage-backed securities industries to the potential pitfalls that delinquent homeowner association accounts pose for them. “The securitization industry has little understanding” of homeowner and other types of community associations, collectively referred to as HOAs, said Jason Serrano, co-head of structured products and managing director for securities at Oak Hill Advisors ...
Thanks, in part, to HARP loans private mortgage insurers in 2012 posted their best year since the financial market collapse back in 2008, according to new figures compiled by Inside Mortgage Finance.
Joe Anderson, who worked at Countrywide Financial Corp. for 17 years and then Nationstar, is considered the top candidate to get the CEO job at Vericrest Financial.
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