Freddie Mac has racked up between three and five servicing-financing transactions with nonbank agency seller-servicers, according to investment bankers familiar with the arrangements. As for the details regarding the deals, Freddie isn’t talking and neither are any of its clients involved in the pilot. The only firm identified by sources thus far as talking to the GSE about a line of credit collateralized by mortgage servicing rights is United Shore Financial, the parent of the nation’s largest table-funder of loan brokers, United Wholesale Mortgage, Troy, MI. The UWM LOC is sized at roughly $55 million, sources told Inside The GSEs. Both Freddie and UWM declined to comment.
Fannie Mae is helping to alleviate some of the additional responsibilities servicers take on during post-foreclosure sales on reverse mortgage loans. In a Sept. 18 announcement, the GSE updated its policy and said it will now take responsibility for ground rents, co-op fees and assessments, and property taxes for certain properties in Fannie’s real estate- owned inventory. The policy change is applicable to all reverse mortgage loans. Last year Fannie also took on additional responsibilities from servicers for post-foreclosure sales. The GSE announced it would pay property taxes for acquired properties with a foreclosure sale date or final acceptance of an executed mortgage release after July 7, 2017.
However, bankers and advisors who ply their trade in the MSR market have told Inside Mortgage Finance there is adequate financing available to nonbanks.
The Federal Housing Finance Agency could do a better job at utilizing the information it gets from Fannie Mae and Freddie Mac fraud reports, according to the agency’s Office of Inspector General.
Ocwen said its ability to utilize the NOLs to offset future taxable income may be significantly limited if the company experiences an ownership change.
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