The nation’s subservicers increased their base of contracts to $1.615 trillion in the second quarter, a modest 1.6 percent gain from the prior period, but a handsome 17.0 percent improvement from the same period a year earlier, according to survey figures compiled by Inside Mortgage Finance. Overall, these third-party processing vendors – who split the monthly fee with the actual owner of the servicing strip – control 15.9 percent of all residential mortgage debt in the nation. A year ago the reading was 14.0 percent. And it’s...[Includes one data table]
Fannie Mae and Freddie Mac introduced a new impasse and management escalation process this week as a middleman between the normal loan dispute appeal process and the final independent dispute resolution (IDR) process for seller/servicers. The government-sponsored enterprises said they hope to resolve as many disputes as possible before any IDR process begins. The GSEs introduced...
The Federal Communications Commission has refused an industry request to exempt mortgage servicing calls from prohibitions against the use of “robocalls,” or automated dialing and calling systems, to contact delinquent borrowers on their cell phones. In a long-awaited final rule limiting the way servicers can collect on student loans, mortgages and other debts owed to the federal government, the FCC said it would not make a decision on whether the statutory exemption from the Telephone Consumer Protection Act’s “prior express consent” requirements applies to Fannie Mae and Freddie Mac loans or their servicers. The TCPA and FCC regulations require...
A shortage of appraisers and rising mortgage activity has prompted appraisal issues to account for more delayed closings, according to the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey. For home sales closed in July after experiencing a delay, appraisal-related issues accounted for the delay 14.1 percent of the time, based on a three-month moving average. That was up from a 12.4 percent share the previous month and nearly double the 7.2 percent share in January. “Closing times are...
Regarding the omission of cell phone numbers and email addresses, one Florida-based mortgage executive said, “It drove us crazy – of all things not to have in this day and age.”
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