Not only are Fannie Mae and Freddie Mac spending more money than they were a few years ago, but their proposed budgets are being submitted late, says the IG.
The use of proprietary mods by banks was essentially level compared with the second quarter of 2014 while the number of HAMP restructurings declined by 42.9 percent.
On the conventional product, the loans have an average age of 23 months and delinquencies in the 3.0 percent range. Almost 80 percent of the loans are in California.
Sources told IMFnews that one large loan origination system (LOS) vendor was struggling to make programming deadlines ahead of the TRID rule, a situation that had caught the attention of the CFPB.