Sens. Elizabeth Warren, D-MA, and Andy Kim, D-NJ, wrote to the leader of the Federal Emergency Management Agency, citing issues with the National Flood Insurance Program.

One servicing advisor, speaking on background, called six-month reporting a “wrong-headed idea,” adding: “It’s chaos for chaos’ sake.”

Since mid-2022, the agency has been gaining servicing share with lenders turning to FHA mortgages and loans through the Department of Veterans Affairs.

Much of the increase in impairments in August was tied to new 30+ day impairments, which increased by 59 basis points.

Servicers can comply with the new policies as of Oct. 1, but the mandatory compliance date was extended to Dec. 30.

Hugh Frater, a former CEO of Fannie Mae, warned that merging the GSEs could reduce incentives for innovation and competition on pricing, among other issues.

FHA shut down its loan review system after users reported having issues logging in.

SitusAMC expects that by the time 2025 ends about $600 billion worth of bulk agency MSR will have changed hands.

While the trade group still submits formal comment letters, sometimes faster action is needed, such as a text from MBA President and CEO Bob Broeksmit to an administration official.

"I think any outcome is ultimately an acceptable outcome," Michael Comparato, president of Franklin BSP Realty Trust, said of potential reforms to the GSEs.