The share of mortgages in forbearance fell substantially over the past year, but the Department of Housing and Urban Development wants servicers to reach out to all homeowners who may still need loss-mitigation assistance.
If Ginnie Mae hikes its capital requirement as proposed, it could reduce the number of issuer/servicers. But some nonbanks would benefit from reduced competition.
The changes: FHA has established a streamlined loan mod that servicers must offer to certain borrowers, GSE servicers have to follow the CFPB’s new standards a month earlier than intended, and Ginnie Mae and NCUA are allowing for a broader range of loan mods.
The COVID-19 partial claim payment program proposal — without changes to the draft — has been submitted for review to the Office of Management and Budget.