The Nonprofit Alliance of Consumer Advocates focuses on helping borrowers that have mortgages owned by a servicer subject to the $25 billion national servicing settlement.
Credit Insurance Risk Transfer 2015-2 covers an $8.1 billion pool of mortgages with a maximum coverage of approximately $202.5 million provided by re-insurers.
The metric will assess lender performance based on the lender’s default rate within three credit-score bands and compare it to an FHA target rate, rather than to the lender’s peers.
The newly-originated adjustable-rate mortgages have a weighted-average coupon of 7.387 percent and an average credit score of 688, according to Bank of America Merrill Lynch.
Although all 13 firms reported positive earnings on their origination and sales activity, many noted that production-related revenue did not keep pace...