Nonbank mortgage firms increased their servicing portfolios by 3.0 percent during 1Q17, more than double the 1.3 percent increase in total Fannie/Freddie servicing during that period.
JPMorgan Chase Chairman and CEO Jamie Dimon recently called for national mortgage servicing standards as one key reform that will significantly increase the availability of mortgage credit to qualified borrowers. “Mortgage servicing is a particularly complex business in which the cumulative impact of regulations has dramatically increased operational and compliance risk and costs,” costs which get passed on to borrowers, he said in his annual letter to shareholders. However, “The most promising opportunity in mortgage servicing is to adopt uniform national servicing standards across guarantors, federal and state regulators, and investors,” Dimon noted. And Congress doesn’t have to get involved to address this. “In particular, the U.S. Treasury is well-positioned to lead key players in the mortgage industry (the CFPB ...
Investors Unite: “We’re encouraged to see that MBA has changed its position on both of these issues and we also note that in their [sic] paper, MBA acknowledges the role of the Federal Housing Finance Agency … in stabilizing the companies during the conservatorship.”
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